TRXUSD closes higher for the 2nd day in a row
Tron/US Dollar Index (TRXUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TRXUSD ended Sunday at 0.02594 gaining $0.00011 (0.43%) on low volume. Trading up to $0.00012 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 prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (TRXUSD as at Oct 18, 2020):
Sunday's trading range has been $0.00033 (1.28%), that's far below the last trading month's daily average range of $0.00110. 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.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Buyers managed to take out the key technical resistance level at 0.02593 (now S1), which is likely to act as support going forward. The last time this happened on October 8th, TRXUSD gained 1.94% on the following trading day. After having been unable to move above 0.02608 in the previous session, TRX ran into sellers again around the same price level today, missing to move higher than 0.02604.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 0.02556 where further sell stops might get activated. As prices are trading close to October's low at 0.02406, downside momentum could accelerate should the cryptocurrency 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 168 times, TRXUSD closed lower 53.57% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more