TRX Technical Analysis: Will it reach a new ATH

Holla viewers,

This is Megha Chhikara back with a brand new coin for you!

Today, we will analyze a coin with a reversal possibility that can lead to a new All-time high formation, you heard us, it’s TRON!

Falling to surpass a crucial resistance level, TRX market value crumbled over the last 2 days. However, there is still some hope left, as a bullish pattern possibility arises, which we will see later in the video. 

So, to find out whether or not the TRON price will recover, give us a bullish breakout, watch the entire video, and don’t forget to hit the subscribe button!

So beginning with the market values, TRX's current market price today is $0.079 at 5:30 GMT, a fall of 5.75% in the past 24 hours, following the overall market trend!

Today's fall marks a consecutive bearish day after failing to surpass the $0.085 neckline. Hence, the retracement to $0.075 seems inevitable, but the possibility of a reversal from $0.075 can lead to a bullish pattern.

Shifting our focus toward the technical chart to understand what lies ahead for TRX.

https://www.tradingview.com/x/bvAaCpIA/

The technical chart of TRX/USD displays a solid selling pressure near $0.085 which led to the current downfall and the fallout of a rounding bottom pattern. However, the next crucial support at $0.075 keeps the bullish hope high, as the chances of a cup and handle pattern is still on the table. 

The stochastic RSI highlights a bearish crossover through the K & D lines. However i cans still see the lines remaining in the overbrought territory, and what we can wait for  reversal that can lead to an extended uptrend. 

The Vortex indicator shows the VI lines turning sideways after the bullish crossover displaying weakness in underlying bullishness. The same effect is seen in MACD as the fast and slow lines prepare for a bearish crossing. 

In simple terms, we can see a bearish influence growing on the TRX token warning us of the $0.075 fallout.

Considering the buyers manage to pull off the cup and handle pattern, the breakout rally of $0.085 will reach the $0.10 mark. However, the fallout of $0.075 will retest the $0.065 mark.

This was the technical analysis for TRX. We hope this was helpful, and you got what you were looking for!! If you enjoyed the session, please subscribe to Cryptoknowmics!!