Has TRX accumulated enough strength for a medium term bullish trend?
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On the last day of the week, the bulls have seized the initiative as all the top 10 coins are in the green zone.
TRX/USD
TRX has followed the surge of other coins with an increase of 4.66% over the past 24 hours.
On the local time frame, TRX has broken above resistance and is trying to recover above it. If the bulls can do this by the end of the day, the impulse could soon continue near the $0.08 area.
On the daily chart, TRX is about to start rising after the accumulation phase. If buying volume increases, there are high chances to see a test of the interim level of $0.08254 next week.
From a medium-term perspective, TRX is neither bullish nor bearish as the rate is far away from its critical levels. In this case, altcoins need more time to accumulate strength before a sharp move.
In this case, sideways trading in the $0.07-$0.08 range is a more likely scenario for the coming weeks.
At press time, TRX is trading at $0.07648.