The Tron token gained 1.72% on Wednesday.
TRX’s gains come at a time when the Tron startup is backing the blockchain.
TRX may continue to rise up to a descending trendline.
tron (TRX/USD) is emerging from the ruins of a bearish breakout that sent the coin spiraling to $0.045. The cryptocurrency registered an intraday gain of 1.72% and traded at $0.055. The coin has printed a short-term bullish trend line which may now interest the buyers.
The slight recovery in TRX comes even as the Tron DAO startup continues to power the blockchain. According to the latest announcement, Tron DAO Ventures, or TDV, will be backing specific startups. TDV will support projects in the Tron ecosystem and beyond. Tron says this is part of the DAO’s goal of decentralization. TDV will also support outstanding projects that synergize with the Tron ecosystem.
newest cryptocurrency news Looking at the intraday price recovery is positive for TRX. Still, this is less important in the long-term recovery of the cryptocurrency until we escape the bear market. In the technical analysis below, we show potential levels to watch.
TRX Price Outlook and Analysis
TRX made a clear breakout at $0.06, and the price declined to $0.045. The recent recovery, however, has been encouraging. The bulls will aim for a higher price, although it is likely to be on a descending trendline.
The MACD indicator is also giving some hope. The indicator is crossing over from the bear zone and is currently located at the neutral level. This is the most obvious bullish sign, but we need to confirm it with price action. This is especially because the momentum is not much stronger than the indicator.
What to do with TRX?
Although we are still in a bear market, TRX buyers can aim for a price that coincides with a descending trend line. Nevertheless, buyers should keep an eye on the price as the bullish strength remains weak.
If the bears retaliate, trx price There could be a drop back towards the $0.045 support area. The $0.052 level could also act as a support on the downside.
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