Choose another country or region to see content specific to your location.

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.

Share:

Share on twitter
Share on telegram
Share on facebook
Share on linkedin
Share on pocket
Share on email

ZebPay
Weekly

Subscribe for latest crypto news & stay updated!

USDT to INR without Fee

Enjoy 0% maker, taker & intraday fee on USDT-INR pair for the month of July'21

Get the app:

Follow us:

The cool stuff happens on Twitter, Telegram, and Facebook. Join us!

See how easy it is to make a trade:

Recent articles: