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The TRX crypto price slipped slightly over the last 24 hours to trade at $0.1249 at press time.
TRX Crypto Testing Support
In recent trading sessions on the 4-hour chart, the TRX crypto price has shown subtle movements, with closing figures tapering slightly from $0.12561 to $0.12506. This minor downtrend is coupled with critical technical indicators that suggest a potentially bearish outlook in the short term.
The 9 Exponential Moving Average (EMA) and 20 EMA have both decreased gradually, indicating a softening momentum. The most recent readings show the 9 EMA at $0.12562 and the 20 EMA at $0.12585, both of which have been consistently above the closing prices. This signals a bearish crossover scenario. The bearish outlook is further supported by the Moving Average Convergence Divergence (MACD) values, which illustrate a narrowing gap between the MACD line and the signal line, with the histogram values remaining negative across the latest data points.
The Relative Strength Index (RSI) has hovered below the midpoint of 50 in recent sessions, marking a value of 43.17. This indicates a bearish sentiment as it suggests that the selling pressure has been slightly more pronounced than buying momentum.
Regarding the support and resistance levels, TRX faces immediate resistance at $0.1267, with further hurdles at $0.12713 and $0.12738. These levels must be breached with significant buying volume for a shift to a bullish perspective. Conversely, the support levels to watch are $0.12505 and $0.12456, with a crucial psychological and technical support at $0.12208. A break below these could intensify selling pressure, leading to further declines.
Potential Trading Ideas
For traders considering entry and exit points, entering long positions might be considered around the $0.12505 support level. A tight stop loss below $0.12456 to mitigate potential losses can then be set. Conversely, short positions could be more appealing if the price fails to break above the $0.1267 resistance, with a possible target of reaching lower support levels, particularly if the price breaks below $0.12505.
In summary, the technical indicators are currently skewed towards a bearish bias for TRX. Traders should keep a close eye on the aforementioned support and resistance levels for potential entries and exits, closely monitoring volume and price action for signs of a trend reversal or continuation.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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