TA- Trezor (TRB) holding strong above $40, will the crypto pullback affect it?
The price of Trezor (TRB) has continued to look strong against Tether (USDT) in recent days. Bitcoin (BTC), Ethereum (ETH) and other altcoins have struggled to stay above their key support zones after the market turned bearish. The price of Trezor (TRB) has continued to maintain its bullish structure. (Data from Binance)
Trezor (TRB) Price Analysis on the Weekly Chart
From the chart, the price of TRB saw a weekly low of $10, which bounced from this area and rose to a price of $40 after showing good signs of recovery in recent weeks.
TRB weekly candles ended on a bullish note with the new weekly candle looking bullish with eyes set on the $60 mark.
The price has struggled to build more momentum as it tries to hold key support.
If the price of TRB on the weekly chart continues with this structure, it could quickly go back to $60 and act as a resistance to the price of TRB.
Weekly resistance for the price of TRB – $40, $60.
Weekly support for the price of TRB – $28.
The price of Trezor on the daily (1D) chart
The price of TRB found strong support at $28 above a trendline after successfully forming a bullish structure, the $28 support appears to be an area of interest on the daily chart.
TRB bounced off support and rallied to $40 where it was met with resistance.
The price of TRB has formed an uptrend line that acts as a support for the price of TRB.
The price of TRB must stay above this trend line, a break below it invalidates the bullish structure.
At the time of writing, the price of TRB is at $40, just above the 50 and 200 Exponential Moving Average (EMA) corresponding to the prices of $28 and $24.
The Relative Strength Index (RSI) for the price of TRB on the daily chart is below 70, indicating more buy bids.
Daily (1D) Resistance for TRB Price – $40.
Daily (1D) support for TRB price – $28, $24.
Price analysis of TRB on four-hour (4H) chart
The price of TRB has continued to maintain its bullish structure above the 50 EMA price equivalent to $38 and serves as a support and area of interest.
On the 4H timeframe, the 200 EMA also acts as key support for the price of TRB.
If TRB fails to hold the support region of 50 and 200 EMA corresponding to $38 and $30, we can see the price retesting the $21 region as the next support area to hold the TRB price.
Four-hour (4H) resistance for TRB price – $40.
Four-hour (4H) support for TRB price – $38, $30.
Featured Image From ITPRO, Charts from TradingView.com
