TRXUSD Price Analysis – July 27
There is a possibility for the coin to move down and test the support level of $0.061 this week. Should bears increase their pressure, the support level of $0.064 may not hold and it may be exposed to another support level of $0.063 and $0.061.
Key Levels:
Resistance levels: $0.066, $0.069, $0.070
Support levels: $0.064, $0.063, $0.061
TRX/USD Long-term Trend: Bearish
The buyers of TRX/USD were unable to push the price higher far above the resistance level of $0.070. The price fell due to the bearish pressure towards the support level of $0.066. Some bearish candles were formed which further reduces the price last week. The price dropped to $0.063, below 9-day EMA and 21-day EMA. There is a possibility for the coin to move down and test the support level of $0.061 this week. Should bears increase their pressure, the support level of $0.064 may not hold and it may be exposed to another support level of $0.063 and $0.061.
However, there is probability that the price might go up within the next several trading days, by making a break out towards the North at $0.066 as the relative strength index Period 14 on the daily chart is below the level 50 with the signal lines pointing towards the North, indicating that there could be a bullish movement this week.
TRX/USD Price Medium-term Trend: Bullish
TRX/USD on the medium term is bullish. The coin broke the last week support level of $0.064 and rallied towards the south and the price tested the support level of $0.063. A doji candle formed at the level and the price bounces above the 9-day EMA and the 21-day EMA upside, which indicates that there could be an uptrend movement towards the resistance level of $0.069.
In case more buyers come in this week there is a probability that the price will experience uptrend movement towards the resistance level of $0.069 as the relative strength Period 14 is above 50, with the signal lines directed towards the North. A radical fundamental event can forcefully bring about a significant rally in the market.
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