TRXUSD Long-term Trend – Ranging
- Distribution territories: $0.035, $0.04, $0.045
- Accumulation territories: $0.02, $0.015, $0.01
The price of TRX had been seeing a number of lower lows around the $0.025 mark, but this week it seemingly made an effort to feature higher lows and pull back the price against said mark on January 21.
On January 9 and 10 the cryptocurrency saw Japanese candlesticks with double top shadows form, showing an area TRX’s price is going to struggle to move past. The 14-day SMA is over the 50-day SMA, while the Stochastic Oscillators have briefly went past range 80 into the overbought zone, suggesting more highs are coming.
Various indicators currently show TRX’s price may make further upward movements, as it attempts to consolidating closer to the upper limits of its range. The 50-day SMA, if breached southward, could see the trend be invalidated.
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