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Will TRON (TRX) Start Its Upward Movement from Its Critical Support? August 3 TRX Analysis

  • The TRX price has taken its long liquidity at the level of $0.076 with its recent downward movement. If it can continue to stay above the level of $0.076, it may have the potential to rise towards the levels of $0.0798 and $0.0817.
  • In order to reach the mentioned targets for an upward movement, the TRX price should make 2-hourly closings above the level of $0.0786, as this can break the downtrend and initiate an uptrend.
  • If the TRX price can make daily closings above the level of $0.080, an upward trend towards the mentioned targets of $0.0817 and $0.0825 can be observed.

According to the latest analysis, the TRX price continued the downward trend by closing below the level of $0.080, but it seems to have gained new upward potential by taking its liquidity at the level of $0.076. Now, surpassing the level of $0.0786 will be an important step, and investors should carefully monitor the upward movement towards the mentioned targets.

Medium-Term TRX Analysis

12-Hour TRX/USD Price Chart
12-Hour TRX/USD Price Chart

The TRX price continued the downward trend by making daily closings below the level of $0.080, as mentioned in the analysis shared on July 29th, and approached the mentioned support range.

If the TRX price continues to make daily closings below the level of $0.080, it can sustain the downward movement towards the support range of $0.07583, $0.07329, and $0.07137. However, if the TRX price encounters strong buying reactions in this support range, it will aim to initiate the upward movement from this range, primarily towards the level of $0.080.

If the Tron (TRX) price makes daily closings above the level of $0.080, it can continue its upward movement towards the level of $0.085. However, if the TRX price makes daily closings below the level of $0.07137, it may want to realize the downward movement towards the level of $0.068.

Short-Term TRX Price Analysis

2-Hour TRX/USD Price Chart
2-Hour TRX/USD Price Chart

With its recent downward movement, the TRX price seems to have taken its long liquidity at the level of $0.076. If the TRX price can successfully stay above the level of $0.076, it can initiate the upward movement from this region, primarily towards the levels of $0.0798 and $0.0817.

However, in order for the TRX price to rise to the mentioned targets, it should make 2-hourly closings above the level of $0.0786. If TRX achieves candlestick closings above the level of $0.0786, it will break the downtrend and may want to initiate the uptrend.

If the TRX price makes daily closings above the level of $0.080, it may show an upward trend towards the mentioned targets of $0.0817 and $0.0825. However, for the Tron price to rise to the mentioned targets, it is important to continue candlestick closings above the level of $0.076.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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