The TRX cryptocurrency has been experiencing a positive sentiment from investors over the past few months. This has caused TRX price to appear on an overall bull trend since mid-November, following the trendline. The crypto currently ranks 25th and a has a market cap of 6.2 billion.

However, the TRX cost has recently broken through its consolidation channel, drawing bearish attention from market oscillators. The strength of the breakout is not impressive, suggesting a retest of the cost before additional trend continuation.

The TRX price is also controlled by the bears across various major cryptocurrency exchange channels. Should the price not gain buying support, it has the potential to drop by a possible 5-7%, making a retest at the 14-day Simple Moving Average while the Relative Strength Index hovers around the median line.

The Stochastic RSI indicates a potential reversal in the TRX cost, though this could be minimal in the short-term. While TRX could quickly gain buyers' support via its next support level, analysis suggests the long-term trend of TRX is bullish.

It is important to note that investment in or trading of cryptocurrency is associated with the risk of financial loss. Understandably, the analysis and views provided in this article are for informational purposes and do not constitute financial, investment or other advice.



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