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TRX Technical Analysis Report | 5-MAY-2022

TRX was originally based on the ERC-20 network and later moved to its own network which has become quite popular due to the low transaction fees. The token’s market capitalization has risen by about 21% over the last 24 hours now at $8.7bn. With the increase in price, the volume had swelled by around 102% currently at $3.3bn. The rise is mostly due to the announcement of Justin Sun that Tron is coming up with its own stablecoin which gave the coin the pump. 

At the time of writing TRX was trading at $0.0863

TRX was trading in an ‘Ascending Triangle’ pattern. After taking multiple support at $0.06 it started moving up by forming ‘Higher High Higher Low’ pattern, the asset broke the resistance of the downsloping line and surged up to $0.08987. TRX has a strong resistance zone from $0.090 to $0.095 and we can expect some profit booking at these levels. To further rally it needs to close and sustain above $0.095 whereas $0.079 will act as strong support for the asset.

Support 2 Support 1 Asset Resistance 1 Resistance 2
$0.07 $0.079 TRX $0.095 $0.105

Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.


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