TRB Revisits Key Trading Range, Setting Stage for Prolonged Consolidation
TRB has returned to its familiar trading range, between $9.93 and $44.24. This zone has historically held teh asset for over 370 days. Traders are now watching closely for signs of either a long-term consolidation or a potential breakout.
The recent price action suggests a prolonged accumulation phase could be on the horizon. The assetâs price acceptance within this range hints at a period of extended sideways movement. This scenario is supported by the assetâs previous behaviour, where it stayed within this band for 371 days before breaking out. The current price action mirrors past patterns, indicating a possible repeat performance.
Key points to note:
- Macro Range: $9.93 as support and $44.24 as resistance.
- Bearish Volume: Low trading volume signals weak momentum.
- Past Echo: TRB previously spent 371 days in this range.
Wiht volume remaining below average, the market seems uninterested in immediate expansion. The bearish structure and low volume point towards a slow accumulation phase rather than a rapid breakout.
Technical analysis shows the assetâs price acceptance within this zone, suggesting a period of consolidation.
For now, traders should anticipate more rotational movement within the $9.93 to $44.24 range. A significant volume increase and a breach of the $44.24 resistance would be needed for a bullish shift. Until then, the asset is highly likely to remain in this macro range.
Source: TradingView
