A look at the Weekly chart for TRX shows that price is currently trading at $0.027. Price is within the resistance area of $0.029-$0.031. Furthermore, we can see that price is following a descending support line since January 2018, from which it started its upward move from $0.014 in December 2018. The MACD is going up with strength and is very close to turning positive for the first time since June 2018.
The price is also trading between the 7 and 21-period moving averages, which are possibly getting ready to make a bullish cross.
The RSI is at 50, indicating neither overbought nor oversold conditions.
A look at the 3-day chart shows that price is facing resistance from both the Ichimoku cloud and the 50-period moving averages. Price rallied all the way to the resistance area at$0.031 before retracing a small amount. It has developed significant bearish divergence with both the RSI and the MACD, the latter of which is losing power and possibly setting itself up for a bearish cross.
However, the 7 and 21 periods MAs have made a bearish cross. Furthermore, the projected cloud is positive from April onward.
A look at the Daily chart solidifies the conclusions from the 3-day one. There is an even more pronounced bearish divergence in both the RSI and the MACD. Furthermore, the 7-day MA is losing power, possibly setting itself up for a bearish cross.
However, the Ichimoku cloud is positive and is offering support to price until $0.024.
A look at the 6-hour chart finally gives us a possible structure for the price to be trading in. We can see that has been following an increasing support line since late December 2018, while possibly trading in a symmetrical triangle since January 10th. The symmetrical triangle is a neutral pattern, with both a breakout and a breakdown is likely. The triangle is projected to end around February 17. The closest resistance area is at $0.031-$0.032, while the next support area will be found at $0.018-$0.019.
- Price is close to the resistance area at $0.029-$0.031
- Long-Medium term indicators have developed bearish divergence
- Short-term price is moving in a symmetrical triangle.
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Valdrin is an eager trader, cryptocurrency enthusiast, and freelance writer. He specializes in technical analysis, indicators and charting guides. Reach out to him at [email protected]