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 a probability for a breakout of the price from the resistance level of $0.028 in case the bulls increase their momentum.
- There is a tendency for the price retracement;
- in case bulls increase their pressure price will break out to the north;
- traders should trade patiently with discipline.
TRX/USD Long-term Trend: Bullish
Resistance levels: $0.028, $0.031, $0.041
Support levels: $0.026, $0.024, $0.023The coin was bullish in its daily chart last week. The strong bearish pressure was lost after a drop in the price of the cryptocurrency to the lower support level of $0.024. The bulls took over the market from the bears, confirmed by the formation bullish engulfing candle. The price was pushed up to the supply level of $0.26 and broke out rallied to the resistance level of 0.028. It made an attempt to break this barrier at $0.028 but the Bears prevailed over the market pushed it back gradually; this could be a kind of retracement.
Currently, the price is retesting the resistance level of $0.26. The 10-day EMA is below the price while 50-day EMA is below the 10-day EMA; which means there is a probability for a breakout of the price from the resistance level of $0.028. Should bears increase their momentum, the break out may occur at the lower support level of $0.024.
The Stochastic Oscillator Period 14 on the daily chart is above the 80 level with the signal lines pointing to the south, indicating that price may decrease.
TRX/USD Price Medium-term Trend: Bullish
On the 4-Hour chart, the price was bullish last week. Bulls came in after the consolidation at the demand level of $0.021.There was enough momentum for the buyers to break the resistance levels of $0.24 and $0.26. The price headed towards the upper resistance level of $0.028 yesterday. The bears came in and gradually pushing the price downward.
As at present the bears are in control of the market as the price is below 10-day EMA and the 50-day EMA below the price; it indicates that there could be a pullback movement before the continuation of an uptrend.
Should bears increase their momentum there is a probability that the price will experience downtrend movement towards the support level of $0.024. Nevertheless, the Stochastic Oscillator Period 14 is above 50 levels with the signal lines directed towards the south indicates a sell signal. Traders should trade patiently with discipline.