Why $TRX bulls should be cautious before going long - AMBCrypto Analytics

TRX has been on a strong uptrend over the past six months, with a breakout above key resistance levels. Currently trading around $0.20, TRX is positioned above the 20, 50, and 200-day EMAs, signaling strong bullish momentum.

After breaking through the $0.16 resistance, TRX surged to $0.22, nearing its all-time highs. The recent price action shows the formation of an ascending broadening wedge, suggesting potential for further gains if the bullish trend persists. The key support level to watch is at $0.19, aligning with the 20-day EMA. Holding this level could reaffirm the uptrend.

In the event of a broader market pullback, a decline toward the $0.17 region (50-day EMA) could be in play. Resistance is at $0.22, with a breakout above this level potentially triggering price discovery and a steeper rally.

With the RSI at 62, bullish momentum remains, though a dip towards 50 could indicate consolidation. Traders should keep an eye on support levels for signs of sustained momentum.