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TRX Price Analysis for January 6

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Fri, 6/01/2023 - 20:00
TRX Price Analysis for January 6
Cover image via www.tradingview.com

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TRX/USD

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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