Pullback Retest: TRX is performing a pullback move to retest the bullish breakout of a rising channel pattern.
Consolidation Above $0.10: The TRX price has been consolidating above the psychological mark of $0.10 for three days.
Potential Upside Targets: After a successful retest, TRX could cross the $0.115 mark and aim for $0.125.
Sideways Trend Amid Bitcoin's Fall: Despite Bitcoin's price drop to
36K
, TRX continues a sideways trend and sustains above $0.10.
Market-Wide Supply Pressure: TRX survives a market-wide increase in supply pressure.
Year-to-Date Growth: TRX showcases a significant 90% Year-to-Date growth in 2023.
Current Trading Price: TRX is trading at $0.1033, showing an intraday growth of 0.98% and forming a bullish candle.
Consolidation Phase and Retest: TRX is in a consolidation phase, retesting the $0.10 mark following a rising channel breakout.
Technical Indicators: The daily RSI dips from bullish territory, indicating a potential drop, while the 50-day and 200-day EMAs are in a bullish alignment.
Retest Outcome and Targets: If the bullish momentum is sustained, TRX could reach the $0.125 mark, with the current retest being crucial.
Price Action Analysis: The bullish engulfing candle during the retest phase struggles to gain momentum, indicating a need for careful monitoring.
Downside Risk: A reversal under the $0.10 mark could drive prices down to the 50-day EMA at $0.0949, marking a crucial support level.
Consolidation Above $0.10: The TRX price has been consolidating above the psychological mark of $0.10 for three days.
Potential Upside Targets: After a successful retest, TRX could cross the $0.115 mark and aim for $0.125.
Sideways Trend Amid Bitcoin's Fall: Despite Bitcoin's price drop to
36K
, TRX continues a sideways trend and sustains above $0.10. Market-Wide Supply Pressure: TRX survives a market-wide increase in supply pressure.
Year-to-Date Growth: TRX showcases a significant 90% Year-to-Date growth in 2023.
Current Trading Price: TRX is trading at $0.1033, showing an intraday growth of 0.98% and forming a bullish candle.
Consolidation Phase and Retest: TRX is in a consolidation phase, retesting the $0.10 mark following a rising channel breakout.
Technical Indicators: The daily RSI dips from bullish territory, indicating a potential drop, while the 50-day and 200-day EMAs are in a bullish alignment.
Retest Outcome and Targets: If the bullish momentum is sustained, TRX could reach the $0.125 mark, with the current retest being crucial.
Price Action Analysis: The bullish engulfing candle during the retest phase struggles to gain momentum, indicating a need for careful monitoring.
Downside Risk: A reversal under the $0.10 mark could drive prices down to the 50-day EMA at $0.0949, marking a crucial support level.