Torn has suffered another price decline totalling 8.46% over the past 24 hours of trading. The crypto currency is currently exchanging hands at a price of $0.0174 after seeing a significant 25.75% price drop over the past 7 trading days.
Torn is currently ranked at 13th position in terms of ovaerll market cap across the entire industry. IT has a total market cap value of $1.14 billion after the 12 month old coin has experienced a precipitous 59% price fall over the past 90 trading days.
Let us continue to analyse price action over the short term and update any potential support and resistance zones.
TRX/USD – SHORT TERM – DAILY CHART
Analysing price action from the short term perspective above, we can see that the market has recently broken through a strong area of expected support located at the short term downside 1.272 Fibonacci Extension level priced at $0.018.
The market has broken through this level as it continues further lower. It is heading toward further significant support expected at the short term downside 1.414 Fibonacci Extension level priced at $0.0161. This area of support has been significantly bolstered by a longer termed downside 1.272 Fibonacci Extension level priced in the exact same area.
In the event that the market continues further below the $0.016 price handle, immediate support is then expected at the short term downside 1.414 Fibonacci Extension level (Drawn in red) priced at $0.0149 followed by the short term downside 1.618 Fibonacci Extension level (drawn in red) priced at $0.013.
Alternatively, if the bulls can regain momentum and push price action higher, immediate resistance is then expected at the $0.02 handle followed by February 2018 lows at $0.025.
The technical indicators within the market are heavily favouring the bear sat this moment in time. The RSI is trading well below the 50 handle near oversold conditions. This indicates that the bears are fully in control of the momentum within the market. If we would like to see some upside gains within this market we would need to see the RSI make it way back above the 50 level.
Let us continue to analyse price action over the shorter term on a smaller time frame.
TRX/USD – SHORT TERM – 4HR CHART
Analysing the market from a shorter termed timeframe, we can see that the market had experienced a bullish run toward the end of August 2018 as price action started from a low of $0.016 on the 14th of August 2018 and extended to a high of $0.0278 on the 28th of August 2018. This was a total price increase of over 70% from low to high.
We can see that after replacing the high the market rolled over and fell rapidly. It has now found support at the short term .886 Fibonacci Retracement level priced at $0.017. This Fibonacci Retracement is measured from the entire bullish run outlined above.
If the market moves upward, the nearest form of resistance will be located at the .786 Fibonacci Retracement priced at $0.0185 followed by the .618 Fibonacci Retracement priced at $0.0205.