TRXUSD - 1D Chart Analysis
Updated
Although most of the cryptocurrencies have experienced oscillating developments over the last few weeks, caused mainly by the decline of the market capitalization, TRON seems to be one of the ones which had trading volumes above the average and it also managed to recover the losses registered in November.
Therefore, the bullish trend which has started on the 17th of December continued with the price which crossed the 20 days Moving Average and remained between it and the upper standard deviation of the Bollinger Bands until today.
At this stage, we have a contradiction of the technical indicators as it follows:
* The RSI at the level of 70, meaning that the price is considered "overbought' and it can have a correction anytime soon.
* On the other hand, the Stochastic is between the "neutral" area and the "overbought" one but the "fast" line is still above the "slow" one and there are no reasons to expect a trend change, at least for now.
* The MACD has indicated the increase on the 4th of January and it's position is still about the Signal, meaning that the growth has big chances to continue.
What is important to know is that all these 3 indicators had similar positions on the 23rd of December, day in which the price has started to move sideways for 11 days, period which was followed by another increase.
If the market will follow the same pattern, a target price which can be considered realistic is 0.0274$.
Therefore, the bullish trend which has started on the 17th of December continued with the price which crossed the 20 days Moving Average and remained between it and the upper standard deviation of the Bollinger Bands until today.
At this stage, we have a contradiction of the technical indicators as it follows:
* The RSI at the level of 70, meaning that the price is considered "overbought' and it can have a correction anytime soon.
* On the other hand, the Stochastic is between the "neutral" area and the "overbought" one but the "fast" line is still above the "slow" one and there are no reasons to expect a trend change, at least for now.
* The MACD has indicated the increase on the 4th of January and it's position is still about the Signal, meaning that the growth has big chances to continue.
What is important to know is that all these 3 indicators had similar positions on the 23rd of December, day in which the price has started to move sideways for 11 days, period which was followed by another increase.
If the market will follow the same pattern, a target price which can be considered realistic is 0.0274$.
Trade closed: target reached
the target has been reached and our trade has been closed
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