VIP MARKET UPDATE: $TRX
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$TRX is trading around the 0.3221 area, riding a well defined ascending trendline that has been supporting price since mid March without a single meaningful violation. The structure has been building higher lows consistently and price is now pushing into the 0.3200–0.3240 resistance zone, which has capped previous attempts at continuation. The overall picture is constructive and the trendline remains one of the cleaner ones in the market right now.
As long as TRX holds above the trendline and the 0.3180 area, the bias stays bullish and a clean break above 0.3240 would open the door for a more significant move to the upside. The setup only begins to deteriorate on a loss of the trendline on a closing basis, which would suggest the buying pressure that has been driving this structure is finally fading.
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