Technical analysis by 3Commas about Symbol TRX: Buy recommendation (10/2/2024)

Technical Analysis: TRX/USDTThe price is currently trading above a significant demand zone at 0.1515, which has acted as strong support previously. This area has shown buyer interest, making it a key zone to monitor. The formation of a potential reversal pattern around this level suggests that buyers are actively defending this area, reinforcing its importance. The immediate resistance to watch is the 0.1666 level, which now serves as the primary target for this bullish scenario. A decisive break and hold above 0.1666 would validate the bullish outlook and could open up potential for further gains.Recent price action reflects bullish strength, with higher lows being established, signaling that momentum is shifting in favor of buyers. The ability of the price to remain above the 0.1515 support zone will be crucial to maintain this bullish bias. The Ribbon indicator is showing signs of a trend shift, as the price has been closing consistently above it. This suggests that bullish momentum is building up, and a continuation could lead to a breakout of the 0.1666 resistance.Overall, as long as the price holds above 0.1515, the risk-to-reward remains favorable for a bullish setup. However, any failure to sustain above this demand zone could lead to a bearish continuation, invalidating the bullish perspective.👨🏻‍💻💭 What’s your game plan for TRX/USDT? Let’s talk strategies below and see where this ride takes us! 🚀💪_________________________________________________________________ The information and publications within the 3Commas TradingView account are not meant to be and do not constitute financial, investment, trading, or other types of advice or recommendations supplied or endorsed by 3Commas and any of the parties acting on behalf of 3Commas, including its employees, contractors, ambassadors, etc.