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 has been ranging for a long period now. On March 23 the cryptocurrency made a visibly weak effort to move up, but couldn’t push past the $0.025 mark. The 50-day SMA currently appears to be keeping its position above the 14-day SMA.
The Stochastic Oscillator appears to be about to cross between ranges 60 and 40. This could be a sign the market consolidation is still ongoing, and TRX is currently trading close to the lower end of its range, which means the bears could soon find a trap around the $0.02 mark.
TRX’s current outlook doesn’t seem to be attractive for traders, meaning these are advised to keep on paying attention to its price action, looking for a favorable position to go long and take advantage of an uptrend.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
