$TROY Currency Analysis on the Hourly Frame:
Warning before analysis: The currency is highly volatile.
Technical Analysis:
1. General Trend:
The currency has witnessed a sharp decline of 38.07%.
Current price: 0.004355, which is close to the lowest point recorded in 24 hours at 0.003492.
A slight reversal appears after the big drop.
2. Technical Indicators:
Moving Averages (MA):
The current price is below the 7, 25, and 99-day averages, indicating a downward trend.
RSI (Relative Strength Index):
It is located at 20.33, indicating that the currency is in the oversold area, and there may be a possible rebound.
MACD:
The indicator is in the negative area, indicating continued selling pressure.
3. Japanese Candlesticks:
A small green candle appears after a big drop, which may indicate an attempt to rebound.
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Supports and Resistances♥♥:
Supports♥♥:
First support: 0.003492 (24-hour low).
Second support: 0.003253 (possible support based on the chart).
Resistances♥:
First resistance: 0.005003 (nearest moving average line).
Second resistance: 0.006752 (previous high on the chart).
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Recommendation♥♥:
If you are thinking of buying:
Wait for confirmation of the rebound (such as breaking a small resistance or increasing positive volume).
If you already own the currency:
You can place a stop loss below the support at 0.0034 to protect your capital.