Cryptocurrency TRX is experiencing a period of bullish trend since November with its price trading within a consolidation channel - an occurrence that generally indicates indecision amongst investors. For over a month the price has been consolidating in a range just above its major Exponential Moving Averages (EMA) resulting in an overdue breakout. At the current price of $0.06500, the bullish breakout is more probably to take place.

The price action in mid-March witnessed a bearish downfall of 23%, however, buyers showed strong support leading to a 20% bullish rally on the next trading day. Subsequently, the price ranged within a course of consolidation before making a minor correction of 14%.

Market sentiments mirrored in the Greed and Fear Index, that was reported to be at 56 points, has seen a sharp decline of 12 points over the past week. Additionally, based on the Alternative(dot)Me research, the price of TRX is mostly under the control of bears on most of the major cryptocurrency exchange platforms.

The technical indicators such as Relative Strength Index (RSI) and Stochastic RSI are seen to be in favour of a bullish outcome. The RSI line has crossed over the 14 SMA and is taking resistance from its median line while the Stochastic RSI has reversed from the demand zone. Further, the %K line is in a bullish interception with the %D line.

The potential support and resistance level for TRX are $0.06000 and $0.07000 respectively. At the time being, the price presents a bullish outlook for TRX but investors are recommended to position themselves carefully before investing. As with risk of financial loss, investing in or trading cryptocurrency assets brings the possibility of capital loss.



Other News from Today