Despite steady market drops in the past months, TRX remain trapped in a range and continues to move sideways on the day. It would continue to struggle until it finds a major break out of its tight trading range.
TRX has continued to subject trend to a sideways movement since it rolled back gains a few months ago. The $0.21 low and $0.25 high have become a tight trading range, and from the look of things, we can expect a sudden surge in volatility when it decides the next direction.
Currently, demand and supply are at equilibrium. A significant increase in their levels would determine the next move. As it stands, the bears are in control from a short-term perspective. But the mentioned low, which serves as support, has become a tough barrier for them.
On a long-term scale, TRX seemed to be accumulating for the next rally. Although, the bulls are yet to find strong footing due to low demand. While the price remains trapped, a clear surge above the high – which serves as resistance – could activate bullish on the long-term scale.
Otherwise, TRX will continue to struggle daily until the price breaks out of the tight range. While there is still hope for the bulls, it short-term outlook remains neutral-bearish following a 10% loss in the past week.
Source: Tradingview
There’s nothing much to expect as long as the market continues to range sideways. A break above the $0.25 resistance should activate a rally through $$0.275 to $0.31. Higher resistance levels lie at $0.37 and $0.4.
Breaking below the $0.217 support, the next area of interest for the bears would be $0.186 before crashing hard to the $0.165 and $0.15 levels in the future.
Key Resistance Levels: $0.25, $0.275, $0.31
Key Support Levels: $0.217, $0.186, $0.165
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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