Technical analysis by TrendShredder about Symbol TRX: Sell recommendation (11/2/2024)

🔍 TRX/USDT - Potential Short Setup 📉Timeframe: 4HCurrent Price: 0.1662 USDTTrade Type: ShortChart Analysis: As we analyze the TRX/USDT chart, we can observe a developing ascending wedge pattern. The price has been moving upwards, testing the upper trendline, which suggests a potential reversal.Resistance Level: The recent high at around 0.1670 has acted as a key resistance, where we see price stalling.Support Level: A strong support area is visible around 0.1650. If this level breaks, we could see a sharper decline.Trade Setup:Entry Point: Consider entering short near the resistance level (0.1670).Stop Loss: Set above the recent high, around 0.1680 to manage risk.Take Profit: Targeting the support level at 0.1600 to secure profits as we anticipate a pullback.Volume Analysis:Notice the increase in volume during the recent price action, which typically supports a potential reversal.Conclusion: The confluence of the ascending wedge and resistance level presents a favorable short opportunity. As always, ensure to manage your risk appropriately.Happy Trading!