Tron Technical Analysis: TRX/USD summersaults from $0.03, downside eyes $0.025

  • Tron traded a new monthly high at $0.0325 but lacked the steam to contain gains above $0.03.
  • TRX/USD recovery above $0.03 will depend on the ability to hold above support at $0.026 and $0.025.

Tron is in the middle of a dire retreat following massive gains that explored levels above $0.30. A monthly high was traded at $0.0325 before the bears pushed bulls out of the cockpit. At the time of writing, TRX/USD is trading at $0.0268 amid hustle and bustle of the bulls trying to seek immediate support to aid in stopping the losses.

Consequently, with the RSI falling from the overbought, the momentum is bound to get stronger. The next target from the current price level is $0.0250.  A reversal is expected at this same level which will see Tron try its luck at reclaiming the position above $0.03.

All is not lost especially when we put the level of the MACD into consideration. Although is has stalled at 0.0018, there is a wide bullish divergence above the MACD that reinforces the presence of the buyers in the market.

In addition, the position of the 50-day SMA above the longer-term 200-day SMA highlights that buying pressure still exists. Bulls need to come back from the sidelines because they can only recover the lost ground above $0.03 if they have confidence in the recovery trend.

TRX/USD daily chart

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.