- TRX/USD is faced with tight decisions as the week-long consolidation comes to an end.
- The MACD increasing divergence confirms the building bear pressure.
- The daily chart shows TRX/USD having a bullish bias in the long-term.
Following the waterfall drop on April 11, TRX/USD has been consolidating within a tight range between $0.0260 and $0.0270. All attempts to make significant headway above the range limited have been thwarted by the rising the selling pressure. The 1-hour TRX/USD chart shows the price trading below the 100 Simple Moving Average (SMA). The correction below the trend indicator resulted in declines that tested $0.0270 support on Good Friday.
TRX/USD is faced with tight decisions as the week-long consolidation comes to an end. The crypto must resume the uptrend and re-enter the 20-period Bollinger Band 1-hour lower curve support for a continued movement towards $0.0280 (medium-term resistance). On another hand, if the support at $0.0270 gives in, it could be sellers’ field day likely to test $0.0250 and even slide to the support congestion zone between $0.0230 and $0.0240.
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According to the technical levels in the chart, Tron has a short-term bearish bias. The MACD in the 1-hour range has trended lower into the negative zone. The increasing divergence confirms the building bear pressure.
Tron long-term outlook
The daily chart shows TRX/USD having a bullish bias in the long-term. The price has since January been trading above the 100-day SMA which is still functioning as support at $0.0249. On the upside, Tron gains are limited at $0.03026 in addition to the resistance at $0.0400. The downside is also strongly supported at $0.0200 and $0.0100 respectively (main support area).
Tron Price Key Indicators:
Bollinger Band 1-hour lower curve: Marks the end of the consolidation phase.
MACD 1-hour: Bearish signal as sellers gain traction (-0.00014314).
MACD daily: Ranging at 0.000 (showing indecision in the market).
100 SMA daily: $0.0249 (functioning long-term support)
100 SMA 1-hour: $0.026827 (Immediate resistance).
Support 1: $0.02600
Support 2: $0.0200
Main support: $0.0100
Resistance 1: $0.02659
Resistance 2: $0.0300
Resistance 3: $0.0400
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