Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
There is probability that the price might go down within the next several trading days, by making a break out towards the south at $0.015.
- Enough buying pressure is required for a meaningful trend reversal;
- the weakness in the market could continue;
- taking Long trades is not yet advisable.
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 at $0.024 to the downside, which led to a further decrease in price to the deep support level of $0.015. The bullish reversal took place at $0.015, the price moved up towards the resistance level of $0.024. This week has been started with consolidation.
There is a probability that the price might go down within the next several trading days, by making a break out towards the South at $0.015. On the daily chart the Stochastic Oscillator Period 14 is above the level 30 with the signal lines pointing towards the south, suggesting that there could be a bearish breakout. This shows that the weakness in the market could continue.
TRX/USD Price Medium-term Trend: Bearish
TRX/USD on the medium-term; the trend is also bearish, just like the long-term trend. Short-term rallies have been followed by further drops in the market to the support level of $0.015. 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 short consolidation, TRX/USD remains below the 10-day EMA (while the EMA 50 remains above the EMA 10). Long trades are not currently advised.
This week, the price has been ranging between the resistance level at $0.024 and the support level $0.015. A bullish signal could be triggered only when the resistance level of $0.024 is broken to the upside. That is, there is a need for enough buying pressure to be generated before a meaningful and dependable trend reversal can occur. Further southward movement is possible as the Stochastic Oscillator Period 14 is below 25, with the signal lines directed towards the south.