TRX Price Analysis: Concentrated EMAs Assist Buyers To Defense $0.072

With Bitcoin losing $30000 support and a massive collapse in LUNA and UST stablecoin price, the crypto market has witnessed outraged selling over the past week. However, battling the broader market sentiment, TRON(TRX) price went through a volatile phase to prevent some major losses.

Key points

• The TRX chart reflects 20% in the last four days.
• The TRX price shows long-tail rejection at $0.072 support 
• The 24-hour trading volume in the TRON coin is $3.4 Billion, indicating a 1.2% gain

Source-Tradingview

After the late January bloodbath plunged the TRON(TRX) price to a low of $0.05, the buyers struggled hard to surpass the $0.075 support. Thus, the coin price experienced nearly a four-month consolidation phase, limiting the price activity to $0.075 and $0.05. 

Furthermore, on May 4th, the TRX price gave a massive breakout from the overhead resistance($0.075), suggesting the accumulation phase is over. However, the negative sentiment spread across the crypto market stalled the coin rally to the $0.09 mark.

Moreover, the TRX price was struggling to sustain above the $0.072 mark with the increased selling pressure, resulting in a highly volatile week for TRON traders. However, today the coin price is down by 5%, and reattempts to breach the base support($0.072).

 If the sellers succeed, the TRX price will drop 18.5% to revisit the March-April bottom support($0.058).

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Conversely, if buyers revert the coin price above the $0.072 mark with a daily-candlestick closing, the possibility of soaring above $0.09 remains on the cards.

Technical indicator

The daily-RSI slope at the neckline of equilibrium suggests a make-or-break situation for the TRX price.

The crucial EMAs(20, 50, 100, and 200) concentrated just below the $0.72 trying to prevent support breakdown. Moreover, a bullish crossover among the 50-and-100-day EMA would bring additional buying into the market

• Resistance level- $0.0825 and $0.09
• Support levels- $0.072 and $0.058

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.