TRX Daily Trading Signals: 29 October

Categories -
ADVERTISEMENT

Dominant bias for TRON (TRX)- Bearish

Resistance Levels- $0.02500, $0.02600, $0.02800

Support Levels- $0.02000, $0.01800. $0.01600

TRON is in a bearish trend. The bears’ pressure was sustained after a minor bullish momentum that saw TRX at $0.02399 in the resistance area on 26th October. The two inverted hammer formation at this area signaled the bears returned. The cryptocurrency went down to $0.02322 in the support area on 27th October.

 

TRX 4-hour chart
TRX 4-hour chart

 

The 4-hour opening candle was a doji a sign of indecision and the next candle will determine the direction. Should it close bearish it will sustain the bearish momentum. A bullish close of the candle will signal a possible trend reversal.

Price is below the 34-EMA an indication of strong bearish pressure with the relative strength index at 43% and its signal points down it suggests a further downward movement due to the bears’ pressure.

TRX is in descending triangle. A break below and possible retest at $0.02322 in the support area will give the bears more opportunity to continue the journey down south and $0.02200 may be an initial target

ADVERTISEMENT
Avatar
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.

1 comment

Leave a reply

Please enter your comment!
Please enter your name here