A look at the Weekly chart for TRX shows that the price is trading between the 21 and 50-period moving averages.
It has found support above the 21-period MA.
It made a bottom near the support area at $0.012 and is currently very close to the resistance area of $0.03.
The MACD has made a bullish cross and is moving upward, but is not positive yet.
The RSI is at 48, indicating neither oversold nor overbought conditions.
A look at the 3-day chart shows that the price has been following an ascending support line for the past 107 days.
It is currently right on the edge of the support line but has not broken down below it.
However, it is facing close resistance from the 21 and 50-period moving averages, which are moving down.
Furthermore, the MACD has made a bearish cross and is falling, but is not negative yet.
The RSI is at 46.
A look at the Daily chart gives a more bearish outlook.
It shows that the price has fallen below the positive Ichimoku cloud and the projected cloud is negative.
Furthermore, the 21 and 50-period moving averages have made a bearish cross and are offering very close resistance to the price.
The MACD has made a bearish cross and is into negative territory.
On a more positive note, the RSI is almost into oversold conditions, at 41.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that since the high near $0.32, the price has been trading inside a symmetrical triangle.
It has had multiple unsuccessful attempts at breaking out above the resistance.
Furthermore, the price is facing very close resistance from the Ichimoku Cloud.
I believe that during the next week the price will break down from the support line and head for the support area.
- There is support near $0.012 and resistance near $0.03.
- Price is trading inside a medium-term symmetrical triangle.
- Most indicators are bearish.
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