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Crypto Technicals: TRON (TRX) fails at 20-DMA, squashes hope for recovery

Thu, 12 Sep 2019, 02:42 am UTC

TRX/USD chart - Trading View

Exchange - Bitfinex

Support: 0.013951 (Lower BB); Resistance: 0.015891 (20-DMA)

Technical Analysis: Bias Bearish

TRON (TRX) resumes weakness after rejection at 20-DMA resistance.

TRX/USD was trading at 0.014733 at 02:25 GMT, down 1.14% at the time of writing.

Successive 'Doji' formation seen at 20-DMA resistance. The pair has slipped below 5-DMA.

Major trend has been bearish and minor recovery hopes squashed after failure at 20-DMA.

Stochs and RSI are now biased lower and Stochastics RSI is showing rollover from overbought levels.

Scope for dip till lower Bollinger band at 0.013951 and further weakness may see test of 0.0111 (2018 lows).

'Bullish divergence' on RSI and Stochastics seen. However, upside only on break above 21-EMA.

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