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TRX Technical Analysis -Fundamental Improvements May Act As Price Catalyst

Updated: Jul 25, 2024
Published: Jul 15, 2019
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On the fundamental scope, the upcoming Sun Mainnet lunch is still valid. There are two additional releases planned for this year. The second and more important stage of the Mainnet will be ready on August 10th, and traders should carefully follow the fundamental progress of this. The third and final phase will be finished by September 15th. The Sun Mainnet is able to massively enhance decentralisation features of the chain, as well as improve security and general performance.

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Daily volume has declined significantly since the end of June. TRX 24H Vol has declined from $1,13 Billion USD (end of Jun 2019) to $636.8 Million USD (at the time of writing). Market capitalisation has suffered almost in the same way, with TRX losing almost $1 Billion USD in the last 30 days.

TRXUSD has lost over 40% in the latest BTC correction. Price fell sharply from the $0.0389 resistance, tried to bounce from the $0.0311 demand zone but failed once more. At the time of writing, TRXUSD is trading at $0.025, with price losing 9% in the last couple of hours.

From our point of view, TRX is now approaching an interesting liquidity zone at around $0.0228. The previous demand zone has been retested several times in the past, six times to be exact. In all of the cases, the area has been a determinant for future movements.

There are two possible scenarios from this point. Either the price can sharply bounce from the $0.0228 support (as it has done previously) or it could break it. For the first case, if price reacts off of the level of support referred before, the upside momentum has the potential to reach the $0.029 or the $0.0311 level again. On the contrary, if TRXUSD collapses even further, the next support level is 9811 points away at $0.012.

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