TRENDING:
Trade War
XAU/USD
Silver
EUR/USD
GBP/USD
USD/CAD
AUD/USD
Sponsored by
Login
|

TRX/USD Elliott Wave technical analysis [Video]

TRX/USD Elliott Wave technical analysis [Video]
Peter MathersPeter MathersTradingLounge

TRX/USD Elliott Wave technical analysis

  • Function: Counter Trend.

  • Mode: Corrective.

  • Structure: Double Corrective.

  • Position: Wave ((Y)).

  • Next higher degree direction: Wave IV of Impulse.

  • Wave cancellation level: Not specified.

Details:

The price is currently in Wave IV (Cycle Degree) following the completion of Wave III. If the price remains above this level, there is a strong likelihood of initiating an uptrend in Wave V.

TRX/USD trading strategy

The market is positioned in Wave IV (Cycle Degree) after marking the peak of Wave III. Currently, the price is moving within a consolidation phase, either in Wave (X) or (Y). If the price holds at this level, an uptrend towards Wave V is probable. However, if the price drops below $0.198, further correction to lower zones may occur.

Trading strategies

  • Long strategy

    • Buy when the price pulls back to the key support level (Pullback Entry).

      • Wait for a confirmed reversal signal at the support level before entering.

  • Risk management

    • If the price falls below $0.198, the bullish structure is invalidated.

TRX/USD Elliott Wave technical analysis

  • Function: Counter Trend.

  • Mode: Corrective.

  • Structure: Flat.

  • Position: Wave C.

  • Next higher degree direction: Wave (2) of Impulse.

  • Wave cancellation level: Not specified.

Details:

TRX/USD is currently positioned in a potential reversal zone within the Wave (3) structure.

TRX/USD trading strategy

The price is in Wave (2), forming an ABC correction. The key support level is Fibonacci 0.618 ($0.2176), which could serve as a reversal point. If the price stays above this level, the potential for an uptrend toward Wave (3) increases.

Trading strategies

  • Long strategy

    • Buy when the price dips to the key support level (Pullback Entry).

      • Wait for a confirmation signal of reversal at support before entering.

  • Risk management

    • If the price falls below $0.198, the bullish structure is invalidated.

TRX/USD Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

More from Peter Mathers
Share:

Editor's Picks

XRP holds $1.40 amid ETF inflows and stable derivatives market

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.

Crypto Today: Crypto market holds $2.4 trillion as bearish sentiment persists around Bitcoin, Ethereum, XRP 

Crypto Today: Crypto market holds $2.4 trillion as bearish sentiment persists around Bitcoin, Ethereum, XRP 

The Crypto King, Bitcoin, is constrained below $70,000, with the price holding around $69,000. Altcoins, including Ethereum and Ripple, exhibit technical weakness but are holding above key support levels at $2,000 and $1.40, respectively.

Aster tests resistance as whale activity, perpetuals volume surge

Aster tests resistance as whale activity, perpetuals volume surge

Aster (ASTER) edges higher by over 7% at press time on Thursday, crossing above its 200-period Exponential Moving Average (EMA) on the 4-hour chart while testing a long-term resistance trendline on the daily.

Bitcoin slips below $69,000 as crypto market shows cautious stabilization

Bitcoin slips below $69,000 as crypto market shows cautious stabilization

Bitcoin price is nearing the lower consolidation boundary, trading below $69,000 at the time of writing on Tuesday. A breakdown below this key level would suggest a correction toward $60,000. However, institutional and corporate demand support a short-term stabilization in BTC.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: The worst may be behind us

Bitcoin: The worst may be behind us

Bitcoin (BTC) price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.