TRX Technical Analysis: Price Will Head Lower to the Support Trendline

Vikram  |  Sep 17, 2021

TRON, a blockchain-based operating platform, aims to make this technology suitable for everyday use. TRX claims its network can handle 2,000 transactions per second. On the other hand, Bitcoin can process six transactions per second, while Ethereum can do 25 transactions per second.

TRON is a platform that allows content creators to connect directly with their audience. It is hoped that creators will not lose as much commission by eliminating centralized platforms, whether they are streaming services, music sites, or app stores.

This could make content more affordable for consumers. TRON could be a leader in the application of blockchain technology to entertainment.

TRON's goals are divided into six phases. These include simple file sharing and financial rewards for content creators. So that they can launch their own personal tokens and decentralize the gaming industry.

Past Performance of TRX

TRX coin price faces a short-term retracement in spite of this, the bullish rally represents an uptrend. 

On September 06, 2021, TRX opened at $25.75. On September 12, 2021, LINK closed at $34.91. Thus, in the past week, the LINK price has increased by approximately 35.65%. 

Source - Tradingview

TRX Technical Analysis

TRX coin price is trading at $0.1201 at the time writing with a rise of 3.34% in the past 24 hours. The ongoing uptrend rises higher in the rising channel with increased trading volume.

Source - Tradingview

The strong uptrend of the TRX coin trades close to the resistance trendline of the rising channel. Thus, the chances of a pullback to the support trendline increase.  

As per the pivot points, the coin price may find resistance near $0.13 and $0.15.

And the support levels are at the $0.10 and $0.08 mark.

The exponential moving averages of 50, 100, and 200-days rise higher in the bullish formation. They may act as support levels in case of an unexpected downfall.

Currently, the RSI indicator is residing at 72% as it falls resulting in a bullish divergence pattern. The divergence forecasts a dip shortly. 

Furthermore, the TRX coin price is moving above the bullish cloud of the Super Trend projecting an uptrend in motion. The uptrend grows stronger as the price retests the bullish breakout.

Day-Ahead and Tomorrow

TRX token price grows in an uptrend but it's reversing from the resistance trendline. Long-term investors can hedge their positions whereas short-term traders can take a shorting opportunity.

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