$TRX is showing a neutral to slightly bullish setup after a recent consolidation

$TRX is showing a neutral to slightly bullish setup after a recent consolidation

$TRX is showing a neutral to slightly bullish setup after a recent consolidation. Price is currently trading at $0.2329, wedged between MA20 and MA50 at $0.23, creating a tight compression zone.

A clear double bottom formation has developed at $0.226, with higher lows established, suggesting accumulation. The volume profile confirms this pattern, with increasing buy pressure on recent bounces.

The price was rejected at $0.241 twice, forming a precise resistance level that must be broken with conviction. The current price action shows a pennant formation with decreasing volatility, indicating an imminent breakout.

Key levels to watch:
– Support: $0.226 (double bottom)
– Resistance: $0.241 (must close above)
– Critical resistance: $0.247 (previous higher high)

Risk/reward setup:
– Entry: $0.233-0.235
– Stop: Below $0.226 (-3.2%)
– Target 1: $0.241 (+3.0%)
– Target 2: $0.247 (+5.5%)

The 4H chart shows bullish divergence with RSI making higher lows while price consolidated. However, the bearish MA200 at $0.24 remains a significant overhead barrier that could cap upside momentum.

For confirmation of bullish continuation, look for a daily close above MA50 with expanding volume. Until then, this remains a range-bound asset with modest upside potential.

 

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