Tronix, TRXUSD, Cryptocompare chart

TRONIX Medium-term Trend: Bearish

Supply zones: $0.09000, $0.1000, $0.1100

Demand zones: $0.0500, $0.0400, $0.0300

Tronix‘s bearish trend continues in the medium-term. The bears kept the market under control as they broke the $0.06000 demand area easily and pushed the price down to $0.05914. The formation of a bullish hammer at this demand zone and a bullish engulfing candle gave momentum to the bulls. They pushed the price up to the supply area at $0.07500. The price could not break past the downward trendline as the bulls lost momentum. The bears came back at that point and pushed price down to the $0.06800 demand area. The daily candle opened bearish at $0.07379. The bears’ pressure was strong enough to push the price below the three exponential moving average as seen in the chart. The stochastic oscillator signal is pointing down and this suggests a downward momentum. As the downward momentum increased the retest of the $0.06000 demand zone may likely occur as the pair continues the journey to the south in the medium-term.

TRONIX Short-term Trend: Ranging

Tronix, TRXUSD, Cryptocompare chart

Tronix is ranging in the short-term. The bears’ pressure that pushed the price down to the $0.06800 could not be sustained after the formation of the double bottom. The bulls stepped in and drove price up to the $0.07500 supply area. They also lost momentum and the bears pushed the price back down to the $0.06800 demand area. The consolidation is certainly not going to linger as a winner must emerge between the bulls and the bears to give the market a direction. Traders should be patient and wait for a possible breakout from the upper supply zone at $0.07600 or a breakdown from the lower demand zone at $0.06800 before taking a position.

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