$TRX
Here is my technical analysis on $TRX cryptocurrency on the 1-hour timeframe:
The hourly chart shows $TRX is currently trading at $0.11 after forming a doji candlestick pattern in the last hour. This indecision pattern comes after a minor pullback from the day's high of $0.11.
Short-Term Trend:
▪︎_The short-term hourly trend is up
▪︎_However, the short-term uptrend is losing some momentum
▪︎_The hourly RSI of 60.21 is in the neutral zone, not showing any extreme overbought conditions yet.
Moving Averages:
▪︎_The price is currently trading above the 7-hour ($0.11), 20-hour ($0.11), 50-hour ($0.11) and 200-hour ($0.11) moving averages.
▪︎_This confirms the presence of a short-term uptrend across multiple time periods.
Volume Profile:
▪︎_The key intraday resistance level based on volume profile is $0.12, while support lies at $0.11 and $0.10 levels.
▪︎_With price currently around $0.11, traders can look to buy on dips towards the $0.11 support with a stop-loss below $0.10.
Best Intraday Entry Point: Based on the hourly price action, an ideal long entry could be attempted on a pullback towards the $0.11 support level, with a stop-loss placed below $0.10. Profit targets can be set around the $0.12 resistance level initially.
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