TRX - 4h. Buyers must prove their strength before $0.2

8. Apr. 2021

The bright growth momentum in the TRX market, which started only on March 31, ended locally at $0.149. On April 5, buyers managed to touch this mark, after which the TRX price began a rather rapid correction. In fact, in 7 days the price of TRX increased by 100%, and the volume of trades showed significant interest of investors in this project. If you look at the global TRX chart, you can find its historical high in January 2018 at $0.2. On the one hand, the prospect of continued growth to the global problem level is quite high. However, if you look at the 3-day timeframe, you can see a clear channel of TRX growth:

As you can see, buyers have managed to re-test the upper trend line of the growth channel. This event took place in high volumes and the sellers finally showed their presence.

We expect to continue the correction in the TRX market with the first stop of $0.87. In addition to the fact that we see a small consolidation in this range on the chart, if you look at the trading history for 2018, this mark will show an important liquidity level. By keeping it, buyers can safely continue the wave of growth to $0.2. However, we do not recommend buying this coin before.

An alternative scenario is a deep correction to $0.5. This scenario will increase its probability if the price of BTC breaks the range of $54200-54500.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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