TRXUSD breaks above 100-day moving average for the first time since October 29th
Tron/US Dollar Index (TRXUSD) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TRXUSD ended Saturday at 0.03062 surging $0.00426 (16.16%) on high volume. This is the biggest single-day gain in over two months. Today's close at 0.03062 marks the highest recorded closing price since September 12th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.02659, the cryptocurrency confirmed its breakout through the prior session high after trading up to $0.00420 above it intraday.
Daily Candlestick Chart (TRXUSD as at Nov 21, 2020):
Saturday's trading range has been $0.00456 (17.3%), that's far above the last trading month's daily average range of $0.00127. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for TRXUSD.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on November 5th, TRXUSD actually gained 4.60% on the following trading day.
The market managed to close above the 100-day moving average at 0.02718 for the first time since October 29th.
Crossing above the upper Bollinger Band for the first time since Wednesday, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 0.02560 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 15 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for TRON/USD. Out of 24 times, TRXUSD closed higher 70.83% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 50.00% with an average market move of 2.21%.