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TRX Price Analysis for January 6

Fri, 01/06/2023 - 20:00
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Denys Serhiichuk
Is TRX ready to bounce back?
TRX Price Analysis for January 6
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Most of the coins could not hold the bullish trend, according to CoinMarketCap's ranking.

Top coins by CoinMarketCap


TRX has lost a lot of value today, going down by 6.25% over the past 24 hours.

TRX/USD chart by TradingView

Despite the sharp drop, the price of TRX has set the support level at $0.04976. At the moment, the price is trying to get to the local resistance at $0.05125. If the daily closure happens near that mark, the breakout may lead to growth to the $0.052 zone.

TRX/USD chart by TradingView

On the daily chart, the situation is entirely different. The price has declined by around 7% against the increased volume, which means that traders might have fixed their short positions.

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From another point of view, there are no reversal signals yet. All in all, the more likely scenario is sideways trading in the range of $0.051-$0.052.

TRX/USD chart by TradingView

From the midterm point of view, the price is far away from the key levels. However, one might point out the interim support level at $0.05. If the bar closes below it, the drop may continue to the support at $0.0466.

TRX is trading at $0.05109 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at