Home / Cryptocurrency / After the rally, how long will the short-term retracement last?

After the rally, how long will the short-term retracement last?

http://blokt.com/
Graph – Source: Tradingview.com

A look at the weekly chart for Tron (TRX) shows that the price has followed a declining support line.

The RSI is 40, which indicates neither overbought nor oversold conditions.

The MACD has recently made a bullish cross (yellow arrow) and is apparently headed for the top.

However, the price found resistance to the 7-period moving average and is lower than the MAs for the period 7 and 21.

Long-term Outlook

http://blokt.com/
Graph – Source: Tradingview.com

A look at the 3-day chart provides further information on where the price could be directed.

There is a significant upside divergence both in the MACD and in the Chaikin oscillator, but none in the RSI. The price recently surpassed the 7-period moving average, but quickly met resistance from 21 periods and retraced.

The price is lower than the MA of 7.21.50 and to the cloud.

Medium-term Outlook

http://blokt.com/
Graph – Source: Tradingview.com

A look at the daily chart shows that the price met resistance to the 200-period moving average close to $ 0.02 while trying to break the cloud and followed a small retracement.

The RSI has become overbought (> 70), and while the MACD is still positive, it is steadily declining.

Short-term Outlook

http://blokt.com/
Graph – Source: Tradingview.com

Finally, a look at the 6-hour chart provides a clearer view of where the price could be directed in the short term.

After breaking resistance from $ 0.017 to $ 0.018, the price quickly developed a bearish divergence with the RSI and returned to the previous resistance area, which now serves as support.

If it were to break down, the next support area would be $ 0.015.

conclusions

  • Long-term indicators tend to become bullish.
  • The price is trying to break the daily cloud.
  • There is a short-term support for $ 0.015.
NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset.

RELATED ARTICLES

MORE FROM OUR PARTNERS

Advertisement

Shutterstock foreground image.

[blokt] is a leading independent blockchain news source that maintains the highest professional and ethical journalistic standards. Journalists are required to meet our editorial policies and guidelines.

Source link