Tron Price Analysis: Struggles to justify rounding bottom amid bearish MACD
- TRX/USD marks another pullback from the early-month top, recedes from 0.0190 off-late.
- Bullish chart formation fails to gain support from momentum indicators.
- 200-bar SMA gains market attention ahead of the monthly bottom.
TRX/USD eases to 0.0188 during the early Tuesday morning’s trade. The Tron pair recently surged to 0.0191 but repeated the weekend’s failure to stay beyond July 09 top of 0.0194.
The rounding bottom bullish formation and normal RSI conditions, not to forget the pair’s sustained trading past-200-bar SMA, keep the bulls hopeful. However, bearish MACD and failures to keep the monthly high push sellers for entry.
As a result, the mid-month top surrounding 0.0177 becomes the immediate support to watch before eyeing a 200-bar SMA level of 0.0173 in search of a strong rest-point.
It should, however, be noted that the pair’s weakness past-0.0173 might not refrain from challenging the monthly bottom around 0.0161.
On the upside, buyers will keep cheering the fresh high beyond 0.0193 to attack January 2020 top surrounding 1.0198.
TRX/USD four-hour chart
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Trend: Pullback expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
