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The crypto market appears to be experiencing a significant downturn. However, TRX stands out as the second-best-performing coin at the moment. That said, the market overall has only recorded minimal gains of 0.51%. Let’s take a closer look at the price action in this market.
TRX Statistics
Current Price: $0.2731
Market Capitalization: $25.97B
Circulating Supply: 94.84B
Total Supply: 94.84B
CoinMarketCap Rank: 9
Key Price Levels
Resistance: $0.3000, $0.3500, $0.4000
Support: $0.2500, $0.2000, $0.1500
Tron Bulls Look Overpowered
Although the TRX token has experienced a notable downward retracement at the time of writing, price action appears to be encountering weak resistance. This is evidenced by a green candlestick appearing significantly below the 9-day Exponential Moving Average (EMA) line. The latest price candle is compressed beneath the 9-day EMA, suggesting bearish pressure.
Additionally, the Moving Average Convergence Divergence (MACD) lines are above the equilibrium level but have just formed a bearish crossover. The MACD histogram bars are red and appear below the equilibrium level, signaling strong bearish momentum.
TRX Attempts to Resist Downward Pressure
On the Tron 4-hour chart, upward forces appear to be resisting further decline. The latest candlestick is green and lacks both upper and lower shadows, indicating a strong, decisive movement. This candle also seems to be moving toward the 9-day EMA line, potentially testing it as resistance.
Meanwhile, the MACD lines are positioned below the equilibrium level but are slightly converging, which could be an early sign of bullish interest. The MACD histogram bars are pale red and gradually decreasing in size, hinting at weakening bearish momentum.
As a result, this market may recover upward. However, traders are advised to remain patient and wait for the price to break above the 9-day EMA before targeting higher resistance levels at $0.3000 and $0.3500.
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