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Key points:
- Sufficient buying pressure is needed for a significant turnaround
- market weakness could continue,
TRX / USD Long-term trend: bearish
Resistance levels: $ 0.024, $ 0.031, $ 0.041
Support levels: $ 0.015, $ 0.010, $ 0.0050
Last week, the price broke the resistance level to $ 0.024 on the downside, which led to a further drop in price up to the deep support level of $ 0.015. The bullish reversal occurred at $ 0.015, the price rose to the resistance level of $ 0.024. This week was started with consolidation.
There is a probability that the price will fall within the next several trading days, making a detour to the South at $ 0.015. In the daily chart the Stochastic Period of the oscillator 14 is above the level 30 with the signal lines pointing south, suggesting that there may be a bearish breakout. This shows that the weakness of the market could continue.
TRX / USD Price Medium-term trend: Bearish
Medium-term TRX / USD; the trend is also bearish, just like the long-term trend. Short-term rallies were followed by further declines in the market up to the $ 0.015 support level. There was a bullish retracement towards the resistance level of $ 0.024. The price drops with the formation of a bearish Doji candle. After a brief consolidation, TRX / USD remains under 10-day EMA (while EMA 50 remains above EMA 10). Long negotiations are not currently recommended.
This week, the price was between the resistance level at $ 0.024 and the support level $ 0.015. A bullish signal could only be triggered when the resistance level of $ 0.024 is broken upwards. That is, it is necessary to generate sufficient purchasing pressure before a significant and reliable trend reversal can occur. Further movement to the south is possible because the Stochastic Oscillator Period 14 is less than 25, with the signal lines directed to the south.
