TRX coin price retraces to the support trend line in the rising channel. Will the increasing selling pressure result in a fallout?

TRON, a blockchain-based operating platform, <a href="https://www.cryptoknowmics.com/news/trx-technical-analysis-triangle-pattern-holds-bullish-momentum/">aims</a> to make this technology suitable for everyday use. TRON claims its network can process 2,000 transactions per second, while Bitcoin can handle six transactions per second. Ethereum handles up to 25 transactions per minute.

Let us now take a deep look into the technical analysis of Tron.
<h2>Past Performance of TRX</h2>
TRX coin price gained more than 25% in the last week before facing rejection near the $0.115 mark. However, the uptrend in the technical chart is still intact. Moreover, the price approaches the crucial resistance level of $0.12 mark. We can observe a bull run upon the level breakout.

Currently, the price trades at $0.1083, with a fall of 1.21% due to the recent rejection. Furthermore, the intraday trading volume increased by 10% in the past day.  

<img src="https://s3.tradingview.com/snapshots/s/sE6diFZ4.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/sE6diFZ4/">TRX/USD Daily Chart</a>
<h2>TRX Technical Analysis</h2>
<img src="https://s3.tradingview.com/snapshots/1/13XUQfdy.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/13XUQfdy/">TRX/USD Daily Chart</a>

TRX coin price showcases a solid rising channel in the 4-hour chart. However, the price action struggles near the support trend line. Furthermore, the Pivot Points indicate the resistance levels at $0.125 and $0.140. And, the resistance levels are at $0.096 and $0.088.

The RSI slope at 56% rises higher above the central line in the daily chart. Hence, the buying pressure is still considerably in action despite the recent price fall. Therefore, it gives a buy signal. 

The MACD and signal lines maintain a bullish alignment and rise higher above the 0.002 level in the daily chart. Hence, the MACD indicates that the uptrend is still in action.
<h2>Upcoming Trend</h2>
As per the technical analysis of Tron, the TRX coin price can shortly give a fallout of the rising channel in the 4-hour chart. The technical indicators maintain a buy signal as the price is still within the channel. However, the fallout will change their signs. Hence, traders must be cautious in taking a long side entry. 

Moreover, the weekly chart reflects higher price rejection near the $0.12 mark. Hence, the fallout will be an excellent opportunity to book your profits.

TRX Technical Analysis: Selling Pressure Hints Rising Channel Fallout

Tron (TRX) coin price retraces to the support trendline in the rising channel. Will the increasing selling pressure result in a fallout?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

TRX Technical Analysis: Selling Pressure Hints Rising Channel Fallout

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