TRXUSD finds buyers again around 0.02556
Tron/US Dollar Index (TRXUSD) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
TRXUSD ended Saturday at 0.02583 gaining $0.00004 (0.16%) on low volume. Trading up to $0.00023 lower after the open, Tron managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (TRXUSD as at Oct 17, 2020):
Saturday's trading range has been $0.00052 (2.02%), that's far below the last trading month's daily average range of $0.00120. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TRXUSD.
After moving lower in the previous session, the market managed to close higher but below the prior day's open, forming a bullish Harami Candle. The last time this candlestick pattern showed up on October 5th, TRXUSD actually lost -3.40% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Unable to break through the key technical resistance level at 0.02593 (R1), the cryptocurrency closed below it after spiking up to 0.02608 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. After having been unable to move lower than 0.02559 in the previous session, TRX found buyers again around the same price level today at 0.02556.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to October's low at 0.02406, downside momentum might speed up should TRON/USD mark new lows for the month.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for TRON/USD. Out of 167 times, TRXUSD closed lower 53.89% of the time on the next trading day after the market condition occurred.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more