A look at the 3-day chart for TRX shows that price met resistance at the original support area at $0.032-0.035, which coincides with the Ichimoku Cloud and the 50-Period Moving averages.
However, the 7 and 21 period moving averages look almost ready to make a bullish cross and are both acting as support. Price is currently trading at $0.025.
A look at the Daily chart for TX shows that the reversal was preceded with a bearish divergence in the RSI once the price went in the resistance area at $0.031-0.033.
Furthermore, the MACD has made a bearish cross and is falling but it is still positive.
A look at the 12-hour chart for TRX solidifies the findings of the daily chart and gives a possible support line in which price is moving.
If the line does not hold, the next area of support is at $0.018-0.02
Short-Term Outlook and Price Prediction:
A look at the 2-hour chart for TRX shows that price is moving in a symmetrical triangle and is currently trying to break out of the resistance line at $0.035.
Price Prediction: Therefore, I believe that in the short term price is very likely to touch $0.28 and continue all the way to $ 0.3, which is the 0.5 fib line of the entire drop.
- Price is trying to break through resistance at $0.035.
- In the short-term price is moving in a symmetrical triangle.
- The next support area is at $0.018-0.02.
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