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TRX Price Analysis: Trends of August 8–14, 2018

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by Azeez Mustapha · 2 min read
TRX Price Analysis: Trends of August 8–14, 2018
Photo: TRON Foundation / Facebook

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

TRX Price Analysis: Trends of August 8–14, 2018

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.

TRX Price Analysis: Trends of August 8–14, 2018

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.

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