TRX Crypto Price Might Be at Risk as Bears Start To Take Over
This analysis will examine the 4-hour chart of the #TRX crypto, exploring key levels and indicators to predict potential movements.
The current price is trading around $0.11338, with the 9 Exponential Moving Average (EMA) trending upwards at $0.11374. The 20 EMA is lagging behind, situated at $0.11333. This divergence could signal a potential reversal or continuation of the trend.
The MACD indicator is flashing bearish signals, with a recent downtick in the MACD line and a negative histogram. This suggests that $TRX may be poised for further declines. The RSI (Relative Strength Index) has been trending downwards, currently reading 53.85, indicating a moderate level of bearish momentum.
Looking at resistance levels, three key areas are as follows:
$0.11477: A strong resistance level that would require a significant surge to test.
$0.11486: An even higher resistance level that could signal a major uptrend.
$0.11547: The highest resistance level tested in recent history, which could signal a critical reversal point.
In terms of support levels, there are two key areas:
$0.11354: A crucial level that has previously acted as both support and resistance. If the TRX crypto were to break below this level, it could signal a significant downtrend.
$0.11336: A stronger support level that could provide a bounce for the cryptocurrency.
Technical indicators suggest a bearish trend is in place, with the MACD flashing sell signals and the RSI indicating moderate bearish momentum. However, the 9 EMA remains above the 20 EMA, suggesting some underlying strength. #altcoins #BullorBear #TrendingPredictions
The full analysis and trade strategy were originally posted on ecoinimist.com.