2019-2-22 12:59 |
Long-Term Outlook Tron (TRX) Weekly Chart – Source: Tradingview.com
A look at the Weekly chart for TRX shows that price is currently trading at $0.025, between the 21 and 50-period moving averages.
Price is slightly below the resistance area near $0.3, having previously unsuccessfully attempted twice to break above it.
The RSI is at 50, indicating neither overbought nor oversold conditions.
The MACD is starting to lose power even though it is very close to turning positive for the first time since July 2018.
The current weekly candle is shaping up to be an inverted hammer with a long upper wick, possibly signifying a trend reversal.
Medium-Term Outlook Tron (TRX) 3-Day Chart – Source: Tradingview.comA look at the 3-day chart shows that price has found support right above the 21-period MA.
Price is currently trading inside the negative Ichimoku cloud.
We can see that the retracement occurred after a double top accompanied by a bearish divergence in the RSI and resistance from the 100-period MA.
The MACD has made a bearish cross and is falling down.
The support offered by the 21-period MA seems crucial to price holding its current value.
Tron (TRX) Daily Chart – Source: Tradingview.comA look at the Daily chart shows that the 21 and 50-period MAs have made a bearish cross and are offering very close resistance to the price.
However, the price is trading inside the positive Ichimoku cloud.
The daily chart also gives us our first support area which is found near $0.024.
Short-Term Outlook and Price Prediction Tron (TRX) 6-Hour Chart – Source: Tradingview.comA look at the 6-hour chart shows that on February 11th price broke down from the long-term support line it had been trading in for 44 days.
After dropping to the support area near $0.24, it tried unsuccessfully to break through the resistance line, which has now been validated five times.
Price Prediction:I believe that there will not be any major fluctuations in price over this week, and it will fall to the support area near $0.024 and consolidate.
Conclusions: The current weekly candle is an inverted hammer. The drop in price was preceded by bearish divergence. Price is following a descending resistance line. Latest Tron News:XRP vs TRON Price Action: XRP Records Two Bullish Days While TRX Forms Lower High
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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.TRON Price Prediction: After Falling to the Support Area Near $0.24, When Will TRX Break Above the Resistance Line? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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