Tron (TRX) Stagnates at $0.15 – Are Bullish Signs Emerging
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- TRX has shown resistance at $0.15 after trying to break out above the upper trendline of the falling wedge pattern.
- A breakout seems plausible if new buyers enter the market.
The broader crypto market rebounded on Tuesday, with Bitcoin [BTC] leading the rally with a gain of over 3% to reclaim levels above $57,000. However, Tron [TRX] did not react positively to this market sentiment.
TRX has slightly declined by about 1% over the past day. During this period, the altcoin’s price fluctuated between $0.152 and $0.155.
Despite underperforming relative to other cryptos, a bullish falling wedge pattern has formed on TRX’s daily chart.
Currently, TRX is attempting a breakout above its upper trendline, coinciding with a price consolidation phase—indicating that traders are awaiting a more definitive move before entering the market.
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The Relative Strength Index (RSI) reflects buyer hesitance as it failed to establish an uptrend after merging with the signal line; indicating that buyers remain uncertain.
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The RSI’s crossover above its signal line represents a potential buying opportunity and lends support for TRX’s breakout above its falling wedge formation.
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