$TRX Finds Support: Short-Term Bounce Setup on the Cards

TRX

0.2938

+1.94%

$TRX is trading at $0.2926 on the 15-minute time frame, after pulling back from a recent high of $0.3047. The price is approaching support near $0.2920, a critical level where buyers could step in for a bounce. This area presents a short-term trading opportunity as the chart indicates stability.

For traders looking to take advantage, an entry between $0.2915 - $0.2930 provides an ideal range. Short-term targets are well-defined to minimize risk: TP1 at $0.2950, ​​TP2 at $0.2970, and TP3 at $0.2990. To protect against further downside, a stop loss at $0.2900 is recommended.

With the RSI at 31, TRX is approaching oversold conditions, increasing the potential for a bounce. The MACD is still reflecting bearish momentum, so traders should keep a close eye on volume to confirm a reversal. This setup provides a calculated approach to short-term gains within a tight price range.