A look at the weekly chart for TRX shows that the price is currently trading at $0.024 after retracing from the major resistance area near $0.03.
Price is trading above the 21-period MA but below the 50-period MA, which is offering resistance to price.
Last week’s candle had a long upper and lower wick, signaling indecision, while this week’s candle has started bearish.
The RSI is at 50, indicating neither overbought nor oversold conditions.
The MACD is moving up, but is not positive yet and is losing strength.
A look at the 3-day chart gives more information about where price is heading.
First, we can see that price has been struggling to break out of the Ichimoku cloud, which together with the 200-period MA is offering heavy resistance to price.
Furthermore, price developed significant bearish divergence in the RSI and the MACD, the latter being in the process of making a bearish cross.
However, the 21 and 50-period MAs have made a bullish cross, and the price has found support right above the former.
A look at the daily chart shows an even more pronounced bearish divergence in both the RSI and the MACD, the latter of which has almost turned negative.
However, the price has found some support at the edge of the Ichimoku cloud, which is positive.
Finally, the daily chart gives us the first minor support area which is found near $0.018.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that price has finally broken down from the symmetrical triangle it had been trading in since December 25th.
However, it is worth noting that the breakdown happened in minuscule volume.
The first minor support area is found near $0.023.
The entire downward move from the top of $0.034 lasted 30 days.
Tron Price Prediction:
I believe that during this week price will consolidate at the $0.023 support area, before falling to the major support area near $0.018 in early March.
- There is a medium-term bearish divergence.
- Price is struggling to break out of the 3-day Ichimoku cloud.
- Price has broken down from the support line of the symmetrical triangle.
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