TRX Technical Analysis: Trading Above the Fibonacci Resistance Level of $​​0.0694

Ankita  |  Aug 6, 2021

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Past Performance

On the 28th of July, the trade opened at $0.06025, and on the 5th of Aug, the trade closed at $0.07013. During this week, there is an approximate increase of 16% in the trading price. In the last 24 hours, the price has traded between $0.06727-$0.07142.

TradingView Chart Snapshot

TRX Technical Analysis

The RSI is currently rallying at 68.86%, but the RSI is in a constant zone. This suggests a neutral trend. The traders will have to wait for the price to give a breakout or a breakdown, from its supply and demand zone. However, if we look at a long-term trend the RSI is making a bullish divergence and thus, has the potential to break the resistance.

On the daily chart, the MACD and signal lines are below the zero range. However, we can see a bullish crossover by the MACD line over the Signal line. Thus, the overall market momentum seems bullish, and we can expect the TRX price to rise for a day or so.

Day-Ahead and Tomorrow

In the last 24 hours, the price has dipped by 0.34%. The indicators suggest a neutral trend for today, but if the selling pressure overtakes the buying pressure the market likely to be bearish for tomorrow.

The current trading price is above the Fibonacci resistance level of $​​0.0694. We can expect the price to hold at this pivot level, however, if the selling pressure remains the same, the price might break the support to fall more. Here, an opportunity for a short position arises.

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