Tron Price Analysis: TRX Coin Breaks Out From The Previous Swing High. Is This A Good Time To Buy?

Source : coingape.com

The TRX/USD coin indicates an overall uptrend in its technical chart. The coin price has gained over 8% in an intraday session and has managed to break out from the crucial resistance of $0.12, projecting more potential for this coin.

Key technical points:

  • The 20-day EMA provides excellent dynamic support to the TRX price
  • The technical chart showed steady growth in volume activity, indicating the increasing popularity of the Tron coin
  • The intraday trading volume in the TRX coin is $3.1 Billion, indicating a 3.96% hike

Source- TRX/USD chart by Tradingview

The October month initiated a slow and steady TRX coin, indicating a 50% growth from the month’s start. Furthermore, the technical also suggest the continuation for an uptrend as today the price gave a decisive breakout from the previous swing high of $0.12.

The TRX price is currently trading at the $0.126 mark, displaying an 8% gain in its intraday session. If the coin manages to sustain above this level, the crypto traders could grab an excellent long opportunity for them.

The daily chart EMAs suggest a strong uptrend in this coin. Moreover, the 20 EMA line provides strong dynamic support to the coin price, whereas the 100 EMA has proved to support minor pullbacks.

The Relative Strength Index(71) value grows hand in hand with the bullish price action. 

TRX/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- TRX/USD chart by Tradingview

The TRX coin price could retrace back to retest the $0.12 mark for obtaining a proper valid. This retest will validate if the breakout was genuine or not, and with sufficient demand pressure from this level, it should provide an entry opportunity for traders.

Furthermore, as per the traditional pivot levels, the crypto traders can a near resistance at $0.137, followed by $0.146. And, on the opposite end, the support levels are at $0.122 and $0.112.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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