TRX Price Prediction for May 17

A market drop is the more likely scenario at the beginning of the weekend, according to CoinStats.

TRX/USD

The rate of TRX has fallen by 1.52% over the last 24 hours.

Despite today’s drop, the price of TRX is rising after a false breakout of the local support of $0.2676. If the buyers’ pressure continues, one can expect a test of the resistance by tomorrow.

On the bigger time frame, the rate of TRX has made a false breakout of yesterday’s bar low. However, bulls have not accumulated enough energy to seize the initiative yet.

The falling volume confirms such a statement. In this case, sideways trading in the narrow range of $0.27-$0.2750 is the more likely scenario.

From the midterm point of view, one should pay attention to the weekly candle closure in terms of the $0.2742 level. If it happens near it and with no long wick, the upward move may lead to a test of the $0.29 mark soon.

TRX is trading at $0.2711 at press time.

Source