TRXUSD Long-term Trend: Bullish

Supply zone: $0.1000, $0.1100, $0.1200

Demand zone: $0.0500, $0.0400, $0.0300

Tronix‘s long-term outlook remains bullish. The bears pulled a quite remarketable drawdown from the $0.1001 supply area. Sellers pushed the price to a critical demand zone at $0.0800. Each time the price gets to this point, a bounce to the upside occurs, setting up the bullish comeback. The price is currently above the 26 and 50-day EMA. This area still belongs to the buyers. Hence upward momentum is most likely.

Tronix, TRXUSD, Cryptocompare chart

The Stochastic oscillator is moving away from the overbought region, at the 67 percent level and its signal is pointing down. This suggests bearish pressure will be experienced. This may likely push the price down to the $0.0800 critical demand zone.

At this point, a bullish comeback is probably, likely ragging the price up again. Traders should look for buying opportunities at demand areas, especially with bullish candles forming around the EMAs

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