TRXUSD pushes through key technical resistance level
Tron/US Dollar Index (TRXUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, TRXUSD finished Saturday at 0.02049 surging $0.00082 (4.17%). This is the biggest single-day gain in over three weeks. The last time we've seen such an unusually strong single-day gain on July 6th, TRXUSD actually lost -4.65% on the following trading day. Today's close at 0.02049 marks the highest recorded closing price since February 23rd. Closing above Friday's high at 0.01976, the market confirmed its breakout through the previous session high after trading up to $0.00102 above it intraday.
Daily Candlestick Chart (TRXUSD as at Aug 01, 2020):
Saturday's trading range has been $0.00131 (6.66%), that's far above the last trading month's daily average range of $0.00083. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TRXUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 0.01994 (now S1), which is likely to act as support going forward.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 0.01821.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for TRON/USD. Out of 57 times, TRXUSD closed lower 57.89% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more