TRXUSD – 1D Chart Analysis

After 2 failed attempts (on the 20th and 21st of January) of changing it’s direction, the price of Tron has bounced back from the 20 days Moving Average and it has registered 3 consecutive days of growth, continuing it’s bullish trend .

Another important thing to mention is that the price of Tron has failed to break yesterday the Resistance Level of 0.0275 but it seems that today it may give it another try.

This scenario is also supported by the technical indicators, as it follows :

* The RSI is 61 but is has been around this level for some time already and the price has been increased;
* The “fast” line of the Stochastic is above the “slow” one and there is no sign for a possible intersection or change in the price direction, at least for now;
* The MACD looks like is about to cross the Signal, meaning that we might get a confirmation for the price increase anytime soon;
* The trading volumes are not impressive but we have to consider that today can be the 4th consecutive day in which these ones will end up on “green”

Out of all the possible scenarios, the one which seems to have the biggest chances to get caught off is the one in which the price will continue it’s range movements with a possible target price for the next following days of 0.0300$

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