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Key Highlights:
- There could be a pullback at $0.024;
- there is “M” pattern confirmation on the 4H chart;
- patience is required before taking Long trades.
TRX/USD Long-term Trend: Bullish
Resistance levels: $0.031, $0.041, $0.058
Support levels: $0.024, $0.015, $0.010
The price started to rally towards the resistance level of $0.024 last two weeks and was unable to break it to the upside due to the bearish pressure towards the support level of $0.015. Some bullish candles were formed last week and the coin was able to break the last week strong resistance level of $0.024 when more buyers came in and expose it to the resistance level of $0.31. As at present, the price pullback to retest the support level of $0.024.
There is a strong possibility that the price might go up within the next several trading days, by making a break out towards the North at $0.031. On the daily chart the Stochastic Oscillator Period 14 is above the level 70 with the signal lines pointing towards the North, indicating that there could be a continues bullish movement.
TRX/USD Price Medium-term Trend: Bullish
The trend is also bullish on the 4H chart. The coin broke the last week resistance level of $0.024 and rallied towards the resistance level at $0.031, it was pushed back to retest the just broken support level of $0.024. Currently, there is a bearish retracement towards the support level of $0.024 to complete the formation of the “M” 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 after the complete formation of the “M” pattern on the medium term.
There is a probability that the price will experience uptrend movement as the Stochastic Oscillator Period 14 is at 20 (oversold level), with the signal lines directed towards the North. Patience is required before taking a long position this week.
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