By
Svetlana Soroka
April 22nd, 2024
There is a tendency for the price to go up within the next several trading days, by making a break out towards the North at $0.024.
Key Highlights:
- There could be a bullish break out at $0.024;
- there is “W” pattern confirmation on both 4H and Daily chart;
- taking Long trades may be advisable.
TRX/USD Long-term Trend: Bearish
Resistance levels: $0.024, $0.031, $0.041
Support levels: $0.015, $0.010, $0.0050
Tron has been declining steadily for many weeks, after which the price started to rally towards the resistance level of $0.024. Last two weeks, the price was unable to break the resistance level at $0.024 to the upside. Bearish pressure further decreases the price towards the support level of $0.015 before the price started consolidation. It has now formed a “W” pattern
There is a probability that the price might go up within the next several trading days, by making a break out towards the north at $0.024. On the daily chart the Stochastic Oscillator Period 14 is above the level 60 with the signal lines pointing towards the North, suggesting that there could be a bullish breakout.
TRX/USD Price Medium-term Trend: Bearish
The cryptocurrency on the 4H chart; the trend is also bearish making “lower lows” ” higher lows” within the resistance level of $0.024 and the support level of $0.015. Presently, there is a bullish retracement towards the resistance level of $0.024 to complete the formation of the “W” pattern. TRX/USD remains above the 10-day EMA and the EMA 50 remains below the EMA 10, indicates that there could be an uptrend movement.
A bullish signal is in the offing when the resistance level of $0.024 is broken to the upside. Uptrend movement is possible as the Stochastic Oscillator Period 14 is above 70, with the signal lines directed towards the north. Taking long position this week may give some green pips.