Distribution Territories: $0.027, $0.029, $0.031
Accumulation Territories: $0.026, $0.024, $0.022
TRX/USD Medium-term Trend: Bullish
On the Medium-term outlook, TRX/USD is on the bullish trend. The longtime consolidation phase that commenced on March 04 came to an end on April 1.
The Bulls prevailed over the Bears by gathered enough pressure that broke up the former distribution territories of $0.024; the price retested the level.
Followed the retracement is the formation of strong and massive bullish candle that broke up levels such as $0.026, $0.027, $0.029. The Bears opposed the Bulls by returning the TRX price to $0.026 territories with the strong bearish candle. TRX consolidated for a few hours before rising with a bullish candle moving towards the $0.027 distribution territories.
As long as the Bulls maintain their momentum $0.029 distribution territory may be the TRX price target provided $0.027 level does not hold. From the flip, in case the bears defend the $0.027 territories, TRX price may find its support at $0.26 – $0.24 levels.
However, the Relative Strength index period 14 is at 60 with the signal lines pointing up to indicate buy signal. Traders may look for an opportunity to place buy setup order above $0.027 price level.
TRX/USD Short-term Trend: Bullish
TRX/USD is bullish on the short-term outlook. It is observed on the 1-hour chart that the price has formed the rising channel. The price touched the upper trend line at $0,029 price level, it was resisted at the level and the price fell, broke down the $0.027 and $0.026 price level, touched the lower trend line and bounced. At the moment, the price is facing $0.027 distribution territory.
The RSI is at 60 levels with the signal line pointing up, which connotes buy signal. TRX is operating currently above the 21 periods EMA and 50 periods EMA as an indication of uptrend movement.
