TRX is currently in the multi-leg Wave 4 consolidation, a classic corrective phase before the anticipated final Wave 5 impulsive.
This consolidation phase is healthy within the larger trend, allowing for overbought to fade before the next move higher.
A clear breakout above the $0.28–$0.30 range would affirm the Elliott Wave forecast, targeting $0.30 → $0.31 → $0.33. A confirmed close above $0.30 would unequivocally solidify the Wave 5 scenario, paving the way for these upside objectives.
The 81.77 monthly RSI suggests an overbought market, supporting the anticipation of continuous consolidation within Wave 4, potentially retracing back to the $0.25–$0.27 support zone before resuming higher.
Long-term trend indicators are firmly bullish, with the Monthly EMA (20) at $0.1911 and SMA (20) at $0.1769, both considerably below current price action, confirming unbroken upward momentum within the greater timeframes.
So while short-term price action suggests consolidation, technical stance favors continuation to the higher side, and a breakout above $0.30 would signal Wave 5's beginning and continued momentum towards $0.33.
This consolidation phase is healthy within the larger trend, allowing for overbought to fade before the next move higher.
A clear breakout above the $0.28–$0.30 range would affirm the Elliott Wave forecast, targeting $0.30 → $0.31 → $0.33. A confirmed close above $0.30 would unequivocally solidify the Wave 5 scenario, paving the way for these upside objectives.
The 81.77 monthly RSI suggests an overbought market, supporting the anticipation of continuous consolidation within Wave 4, potentially retracing back to the $0.25–$0.27 support zone before resuming higher.
Long-term trend indicators are firmly bullish, with the Monthly EMA (20) at $0.1911 and SMA (20) at $0.1769, both considerably below current price action, confirming unbroken upward momentum within the greater timeframes.
So while short-term price action suggests consolidation, technical stance favors continuation to the higher side, and a breakout above $0.30 would signal Wave 5's beginning and continued momentum towards $0.33.
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You can join our Discord for daily signals and discussion (32,000 members) discord.gg/pV9JwRvK6v
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.