Since November 2022, TRX has been trading within a parallel upward channel. The upper boundary of this channel is serving as a robust resistance, while the lower boundary is acting as a strong support line. In our prior TRX analysis, we noted the likelihood of TRX reaching its lower support line before determining its direction. In the recent cryptocurrency market downturn, TRX indeed descended to its trend line support and concurrently held its horizontal support at around $0.071. You can access the earlier TRX analysis here.
Following the touch of the lower resistance line, TRX is currently moving upward and encountering resistance around the $0.0777 region. TRX maintains its upward channel robustly and is projected to overcome this resistance, progressing towards the $0.0856 resistance level. It is imperative for TRX to sustain its support from the lower boundary of the parallel channel and the horizontal support at $0.0716.
Technical indicators such as the Relative Strength Index and Moving Average Convergence Divergence display signs of relief, pointing towards the continuation of the upward price movement.
In the recent market downturn, TRX found support at its 0.786 FIB level and also secured support from its 200 EMA. Historically, whenever TRX interacted with the 200 EMA, it executed significant reversals, resulting in price surges. This time around, we anticipate a similar price increase for TRX, with projected targets set at $0.079, $0.085, and $0.091 for the upcoming month of September.
Following the touch of the lower resistance line, TRX is currently moving upward and encountering resistance around the $0.0777 region. TRX maintains its upward channel robustly and is projected to overcome this resistance, progressing towards the $0.0856 resistance level. It is imperative for TRX to sustain its support from the lower boundary of the parallel channel and the horizontal support at $0.0716.
Technical indicators such as the Relative Strength Index and Moving Average Convergence Divergence display signs of relief, pointing towards the continuation of the upward price movement.
In the recent market downturn, TRX found support at its 0.786 FIB level and also secured support from its 200 EMA. Historically, whenever TRX interacted with the 200 EMA, it executed significant reversals, resulting in price surges. This time around, we anticipate a similar price increase for TRX, with projected targets set at $0.079, $0.085, and $0.091 for the upcoming month of September.