TRXUSD Long-term Trend – Ranging
Distribution territories: $0.040, $0.050, $0.060
Accumulation territories: $0.015, $0.010, $0.005
At around August 3, the price of TRON’s TRX token entering a ranging position that it has since not been able to get out of, between the $0.03 and $0.02 territories. The cryptocurrency briefly managed to rise above its indicators on two occasions, but remained within the range
TRX’s price went down to about $0.016 on August 13, and this has been the support line it has been maintaining. Its price has been ranging along the 14-day SMA’s trend line, close to the 50-day SMA.
The Stochastic Oscillators have moved from the oversold zone to point north-east below range 40. This could mean that the market doesn’t have a clear path for the near future. It appears the cryptocurrency will go through ranging movements in the next few days or weeks, until it eventually breaks the territories stated above.
Some believe a bullish reversal may come when TRX gets close to the $0.02 price territory.
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