TRXUSD Long-term Trend: Bullish
Supply zone: $0.9000, $0.1000, $0.1100
Demand zone: $0.0500, $0.0400, $0.0300
Tronix’s long-term outlook is bullish. The frantic efforts the bears made to keep pushing price down met bullish resistance, with two dojis forming on May 12 and 23. The bears pushed price down to the $0.0600 demand zone on May 12, while bullish pressure saw the price come back up to the supply area of $0.8400 before bearish pressure pushed it to the demand area of $0.06500 on May 23.
Tronix produces a bullish pennant formation which is one of the continuation patterns. This implies the bulls’ upward journey is favoured. Price is on the three EMAs after a bearish doji. A minor pullback against the upward trendline may occur as the days go by but should be seen as a correction for the upward trend continuation in the long-term.
The stochastic oscillator is in the oversold region at 37 percent with its signal pointing dow. This means downward momentum as the bears seek a pullback. Further downward rejection may occur as the bulls stage a comeback. The $0.0900 supply zone may be the bulls’ first target in the long-term
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