A look at the Weekly chart for TRX shows that price is following a descending support line.
After bouncing in December, the price has moved past the 7-period moving average and is now headed for the $0.033 resistance area which coincides with the 21-period MA.
Furthermore, the MACD is moving upward with significant strength and has almost turned positive. Price is currently trading at $0.029
A look at the 3-day chart supports the findings in the weekly chart.
Price is very close to the $0.033 area of resistance, which coincides with the 50-period moving average and the Ichimoku Cloud.
However, the price is trading above the 7 and 21 period MAs which are very close to making a bullish cross, and the MACD is going up with significant strength.
A look at the daily chart gives us conflicting signs.
Firstly, the price has moved past all the moving averages which have made a number of bullish crosses and the Ichimoku cloud.
Furthermore, the projected cloud is positive for all of February.
However, there is very significant divergence currently developing in the RSI.
Short-Term Outlook and Price Prediction
Finally, a look at the 6-hour chart for TRX shows that price is moving up while following a steady support line.
There is no bearish divergence in the RSI nor MACD, and both are moving up.
Price Prediction: Given this information, I believe that in the short-term price will head to the $0.032 resistance after a possible retrace to the support line.
- Price is close to a significant resistance area.
- There is a bearish divergence in the medium-term.
- Long-term indicators are leaning on turning bullish.