Up until now, TRX has yet to find a major break as it continues to trade sideways on the daily scale. However, its short-term outlook remains weak, but there’s hope for an increase if it resumes long-term bullishness.
TRX’s bullish trajectory remains intact in the long term, but the demand appears extremely low on the daily chart as the price remains captured in a range. While struggling with volatility every week, it may continue to move sideways until the price breaks out of the range.
However, it has seen a slight reduction in the past week as the entire crypto market takes a downturn, but the $0.21 level holds well this time and is now slowly climbing back while still trapped in a tight range. A continuous hold above this level could trigger buying if the demand level increases.
Now, there’s lack of interest on the weekly scale. The long consolidation phase reflects a moment of liquidity gathering while the next direction of the market is yet to be ascertained. But considering its bullish trajectory from a long-term scale, the asset may resume buying anytime soon.
Meanwhile, the bears still look more dominant on the short-term scale following the sudden late 2024 drop that led to a serious decline since the start of the year. If they take charge again, TRX may break below the holding yearly $0.2 low to a new one. It is currently trapped, finding it difficult to get out of the wood.
TRX’s Key Level to Watch
Source: Tradingview
The main obstacle for the bulls lies at the $0.25 level. A break through there could bring buying pressure back to $0.275, along with the $0.31 resistance level.
For the bears, the $0.211 and $ 0.186 levels are the barrier zone to keep an eye on. A breakdown there could cause some havoc with a potential dip to $0.165.
Key Resistance Levels: $0.25, $0.275, $0.31
Key Support Levels: $0.211, $0.186, $0.165
- Spot Price: $0.23
- Trend: Neutral-Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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