VIP MARKET UPDATE: $TRX

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$TRX is trading around the 0.3241 area, sitting just above the ascending trendline that has been guiding price higher since late March after a sharp pullback from the 0.3360 highs. The trendline has been the backbone of this entire structure and continues to provide support on every meaningful test, but the recent rejection from the highs and the gradual erosion of the recovery attempts suggest that buyers are starting to lose some of the conviction they had earlier in the move.

As long as TRX holds above the trendline and the 0.3220 area, the bullish structure remains intact and a recovery toward the 0.3280–0.3300 zone is still possible. A trendline loss on a closing basis however would be a significant shift, breaking a structure that has been holding for over a month and opening the door toward the 0.3185–0.3200 area below.