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.
TRXUSD continues experiencing persistent bearish movements; enough buying pressure needs to be generated, before a meaningful trend reversal can occur.
Resistance levels: $0.0350, $0.0400, $0.0450
Support levels: $0.0250, $0.0200, $0.0150
TRXUSD Long-term Trend: Bearish
The bearish break out of TRXUSD price at the resistance level of $0.0600 has led to a bearish movement. In fact, the pair has been experiencing persistent bearish movements. The price broke the support level at $0.03500 to the downside, which led to further decrease in price. Some large bearish candles were formed last week, which emphasized the current Bearish Confirmation Pattern in the market.
There is probability that the price will continue to go down within the next several trading days, as more bearish candles emerge. The Stochastic Oscillator period 14 is below the level 20, which is an oversold level. This shows that the weakness in the market could continue. A bullish signal could be triggered only when the resistant level of $0.0400 is broken to the upside.
TRXUSD Price Medium-term Trend: Bearish
The medium-term trend is also bearish, just like the long-term trend. Short-term rallies have invariably been followed by further drops in the market. TRXUSD remains below the 10-day EMA (while the EMA 50 remains above the EMA 10). Long trades are not currently recommended.
This week, price has been hovering between the resistance level at $0.0350 and the support level $0.02500 – a form of consolidation in the context of a bear market. 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.