Tron Price Analysis: Struggles to justify rounding bottom amid bearish MACD
|- TRX/USD marks another pullback from the early-month top, recedes from 0.0190 off-late.
- Bullish chart formation fails to gain support from momentum indicators.
- 200-bar SMA gains market attention ahead of the monthly bottom.
TRX/USD eases to 0.0188 during the early Tuesday morning’s trade. The Tron pair recently surged to 0.0191 but repeated the weekend’s failure to stay beyond July 09 top of 0.0194.
The rounding bottom bullish formation and normal RSI conditions, not to forget the pair’s sustained trading past-200-bar SMA, keep the bulls hopeful. However, bearish MACD and failures to keep the monthly high push sellers for entry.
As a result, the mid-month top surrounding 0.0177 becomes the immediate support to watch before eyeing a 200-bar SMA level of 0.0173 in search of a strong rest-point.
It should, however, be noted that the pair’s weakness past-0.0173 might not refrain from challenging the monthly bottom around 0.0161.
On the upside, buyers will keep cheering the fresh high beyond 0.0193 to attack January 2020 top surrounding 1.0198.
TRX/USD four-hour chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.