TRX has retraced significantly from highs, putting investors with serious FOMO who bought at the top under water. However, our long term outlook remains bullish. TRX is a sleeping giant. The Elliott Wave indicates that this is simply the corrective phase, which is a great buying opportunity. We have a divergence between the Kovach OBV and the price, which portends that a breakout is nigh.
We have strong support from the central moving average of the KRI at 662 or so. Beyond that, we have further support from a Fibonacci Level at 591, so beware that TRX may test this level. Following some momentum, 1425 should be a reasonable target.
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We have strong support from the central moving average of the KRI at 662 or so. Beyond that, we have further support from a Fibonacci Level at 591, so beware that TRX may test this level. Following some momentum, 1425 should be a reasonable target.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!
For daily commentary on cryptocurrencies, subscribe to our newsletter!
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