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.
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