TRX Daily Trading Signals: 19 October

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Dominant bias for Tron (TRX): Ranging
Resistance Levels: $0.02800, $0.02900, $0.03000
Support Levels: $0.01700, $0.01600, $0.01500

 

TRX is in consolidation. The bullish pressure from the support area at $0.02470 of 17th October was sustained by the 4-hour opening candle of 18th October at $0.02495. The bullish pressure pushed the cryptocurrency up to $0.02573 in the resistance area and lost further momentum to continue the upward movement as the bears gradually return. The bears did state a come with an engulfing candle at $0.02560 as TRXUSD made a low of $0.02467 in the supply area below the 34-EMA.

 

The relative strength index is at 46% and it points down which implies a downward movement in price of the cryptocurrency. Price sill lies below the 34 EMA an indication of bear pressure.

TRX is in consolidation and trading between $0.02600 in the upper resistance area and at $0.02350 in the lower support area of the range. Traders should expect a breakout at the upper resistance area or breakdown at the lower support area as a winner must emerge between the bulls and the bear.

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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