the price has been in a low momentum and is trading
The past price structure of the TRX crypto shows a long bullish rally from the end of Nov 2022, from the support level of the descending triangle of $0.050 to a peak of 0.1439 by Feb 2024.
It showed a steady and consistent growth of 220%. After the rally, the price showed exhaustion, as it failed to surpass the main supply zone. Meanwhile, the bulls lost to the bears and ended up in a narrowing wedge that looked most similar to a symmetrical triangle pattern.
The lower boundary and upper boundary of the narrowing wedge show the 4 notable touches, proving it to be a symmetrical pattern. The market showed a liquidity grab candle by August 5th, 2024, that showed a massive run of 36% toward the higher levels, surpassing 0.1439.
According to the symmetrical triangle narrowed wedge breakdown the recent run has been approaching its 2021 ATH.
Therefore, if the breakout continues, then the price could aim for $0.1689 and $0.1798 levels.
However, if the price breaks down, all eyes would be on sustaining above at $0.1438. Over breaking this support, the bears could eye for the supports of $0.1292 and $0.1181.
Technical indicators show that the price has been in a low momentum and is trading between 50-day and 200-day EMAs. Meanwhile, the RSI has entered a deep into overbought reign at 78.77, which could be a point of concern, and price consolidation or pullback chances have increased. Stay cautious and DYOR.
Meanwhile, MACD highlights a bullish cross with a histogram rising at 0.003543, where the MACD line stands at 0.005318.
It showed a steady and consistent growth of 220%. After the rally, the price showed exhaustion, as it failed to surpass the main supply zone. Meanwhile, the bulls lost to the bears and ended up in a narrowing wedge that looked most similar to a symmetrical triangle pattern.
The lower boundary and upper boundary of the narrowing wedge show the 4 notable touches, proving it to be a symmetrical pattern. The market showed a liquidity grab candle by August 5th, 2024, that showed a massive run of 36% toward the higher levels, surpassing 0.1439.
According to the symmetrical triangle narrowed wedge breakdown the recent run has been approaching its 2021 ATH.
Therefore, if the breakout continues, then the price could aim for $0.1689 and $0.1798 levels.
However, if the price breaks down, all eyes would be on sustaining above at $0.1438. Over breaking this support, the bears could eye for the supports of $0.1292 and $0.1181.
Technical indicators show that the price has been in a low momentum and is trading between 50-day and 200-day EMAs. Meanwhile, the RSI has entered a deep into overbought reign at 78.77, which could be a point of concern, and price consolidation or pullback chances have increased. Stay cautious and DYOR.
Meanwhile, MACD highlights a bullish cross with a histogram rising at 0.003543, where the MACD line stands at 0.005318.
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