TRX Price Analysis for January 6 – Crypto News – Crypto News
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TRX Price Analysis for January 6 TRX Price Analysis for January 6

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TRX Price Analysis for January 6 – Crypto News

Published

3 years ago

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Most of the coins could not hold the bullish trend, according to CoinMarketCap’s ranking,

TRX/USD

TRX has lost a lot of value today, going down by 6.25% over the past 24 hours.

TRX/USD chart by TradingView

Despite the sharp drop, the price of TRX has set the support level at $0.04976. At the moment, the price is trying to reach the local resistance at $0.05125. If the daily close happens near that mark, the breakout may lead to growth in the $0.052 zone.

TRX/USD chart by TradingView

On the daily chart, the situation is entirely different. The price has declined by around 7% against the increased volume, which means that traders might have fixed their short positions.

From another point of view, there are no reversal signals yet. All in all, the more likely scenario is sideways trading in the range of $0.051-$0.052.

TRX/USD chart by TradingView

From the midterm point of view, the price is far away from the key levels. However, one might point out the interim support level at $0.05. If the bar closes below it, the drop may continue to the support at $0.0466.

TRX is trading at $0.05109 at press time.

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