TRON (TRX) Price Analysis: Potential Volatility Spike Ahead?
TRON RSI Slips Below 70, but Still Shows Strength
In the past week, TRON (TRX) has drawn significant attention from traders, hinting at potential increased volatility in the near future. Despite a recent dip, the 7-Day Relative Strength Index (RSI) continues to hover in the overbought zone. A noteworthy trend has emerged as the long-term Exponential Moving Average (EMA) line approaches the short-term EMA line.
TRX Traders Are on the Rise
Over the past week, there's been a notable uptick in the TRX supply held by Traders. Their amount of TRX grew from 2.95 billion to 3.73 billion. This change represents an increase of approximately 26.44%, suggesting that short-term holders are gaining a larger stake in the circulating supply.
TRX Price Prediction: Strong Resistance Ahead
An EMA provides a weighted average of past price data, with more recent prices having a greater impact on the average. Analyzing the IOMAP chart, it's possible to see that TRX has weak support at $0.127. If that support is not enough, its price could test new levels at $0.123 and $0.119. That would represent a 10% correction.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.