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.
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.
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.
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.
- 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.
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