Despite steady market drops in the past months, TRX remain trapped in a range and continues to move sideways on the day. It would continue to struggle until it finds a major break out of its tight trading range.
TRX has continued to subject trend to a sideways movement since it rolled back gains a few months ago. The $0.21 low and $0.25 high have become a tight trading range, and from the look of things, we can expect a sudden surge in volatility when it decides the next direction.
Currently, demand and supply are at equilibrium. A significant increase in their levels would determine the next move. As it stands, the bears are in control from a short-term perspective. But the mentioned low, which serves as support, has become a tough barrier for them.
On a long-term scale, TRX seemed to be accumulating for the next rally. Although, the bulls are yet to find strong footing due to low demand. While the price remains trapped, a clear surge above the high – which serves as resistance – could activate bullish on the long-term scale.
Otherwise, TRX will continue to struggle daily until the price breaks out of the tight range. While there is still hope for the bulls, it short-term outlook remains neutral-bearish following a 10% loss in the past week.
Source: Tradingview
There’s nothing much to expect as long as the market continues to range sideways. A break above the $0.25 resistance should activate a rally through $$0.275 to $0.31. Higher resistance levels lie at $0.37 and $0.4.
Breaking below the $0.217 support, the next area of interest for the bears would be $0.186 before crashing hard to the $0.165 and $0.15 levels in the future.
Key Resistance Levels: $0.25, $0.275, $0.31
Key Support Levels: $0.217, $0.186, $0.165
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Bitget officially launched pre-IPO access to OpenAI via its IPO Prime platform which deepens their…
Tether's presence in decentralized tech space is growing due to the launch of its developer…
While challenges remain, the decentralized finance sector is moving forward, and Huma Finance's exploit serves…
Chainlink is continuing its mission to be the most widely integrated infrastructure in crypto, adding…
A vulnerability in one of the core DeFi protocols on Sui Network exposes the ecosystem…
Polygon has made a big move in cementing its mission as one of the leading…