TRX Cooling Volumes Suggest Imminent Breakout Amid Market Momentum
TRX Market Update:
- TRX exhibits strong performance as the crypto market, led by Bitcoin, gains momentum with altcoins also showing strength.
- Analyst Darkfost highlights that TRX maintains a bullish trend through consolidation phases, indicating a solid foundation for future movements.
- A key signal based on trading volume suggests a potential breakout for TRX, as historical patterns show substantial rallies following similar setups.
- The Spot Volume Bubble Map indicates significant cooling in trading volumes, which often precedes renewed volatility and potential bullish moves.
Price Analysis:
- TRX is trading around $0.344, consolidating near resistance levels after recovering from late September lows of $0.32.
- Price stabilization above the 50-day and 200-day moving averages suggests a healthy medium-term structure.
- The 50-day MA is curving upward, signaling renewed momentum, while the 200-day MA provides long-term support.
- Resistance is at $0.35–$0.36, with potential for a breakout towards $0.38–$0.40 if overcome.
- Support levels are at $0.33 and $0.32, which have held firm during multiple retests.
