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This correction brought the price below the 0.382 Fibonacci retracement level at approximately $0.24 on Dec 9, suggesting this level is a pivotal support. It proceeded with declining further ultimately reaching $0.20 at its lowest point on Feb. 3 and forming a descending channel.
The consolidation pattern indicates wave (4) may extend sideways, forming a complex structure before resuming the uptrend. TRX’s price action is characterized by alternating impulses and corrections, consistent with Elliott Wave principles, suggesting the market is in a temporary phase of indecision.
Relative Strength Index (RSI) readings on the daily timeframe show neutral momentum, neither overbought nor oversold, supporting the potential for further consolidation. The RSI hovering around the midline indicates a balance between buying and selling pressures.
The price action is oscillating within key Fibonacci zones, with resistance near $0.35 (0.236 retracement) and critical support around $0.18 (0.618 retracement). A break above $0.35 could signal the start of wave (5), targeting levels above the previous high. The bullish outlook will be confirmed with increased volume and sustained movement above this resistance. Conversely, failure to breach $0.35 may lead to prolonged consolidation or deeper corrections, particularly if price revisits the $0.22-$0.20 support zone.
TRX Price Prediction
The 1-hour chart displays a detailed corrective structure within a potential W-X-Y formation. Currently, TRX appears to be completing wave X, with an upward move targeting the $0.34 level (0.236 Fibonacci retracement). This aligns with the corrective bounce often seen before the final leg of a W-X-Y pattern. If momentum sustains, wave X may extend further, testing the $0.36-$0.38 region, where additional Fibonacci clusters converge.
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