Tronix Price Analysis - May 24

Azeez Mustapha
  • The bulls are back in Tronix on the medium and short-term outlook
  • Responsible buying at demand areas  may be considered a good strategy.

Tronix, TRXUSD, Cryptocompare chart

TRONIX Medium-term Trend: Bullish

Supply zones: $0.08000, $0.09000, $0.1000

Demand zones: $0.0500, $0.0400, $0.0300

Tronix is bullish in the medium-term. The bears' target of the $0.06000 demand zone was not achieved as their momentum gradually faded. $0.06500 was their limit as the bulls staged a comeback.

 The demand zone at $0.06500 was a good platform for the bulls to push the price up to the $0.07330 supply area. Tronix is in the corrective leg b of wave 5. The wave count started from May 21.  At waves 5 an a, b, c corrective wave is expected. The push in price is expected from b up to point c. This thus creates a nice inverted head and shoulder pattern.

Daily candles are opening bullish at $0.06874. The stochastic oscillator is at 79 percent and its signal is pointing up, which means strong upward momentum in the price as the bulls’ pressure increases. As more bullish candles form and close above the moving averages, the $0.08000 supply zone may likely be the bulls target as the Elliot wave completes its cycle.  

 TRONIX Short-term Trend: Bullish

Tronix, TRXUSD, Cryptocompare chart

Tronix is bullish in the short-term. The bears made new lower highs and lower lows as they pushed the price down to the $0.06500 demand zone as analyzed yesterday. They lost momentum here, which set the bulls up for a takeover.

The price is making higher highs and higher lows that are an uptrend market characteristic. The stochastic oscillator is pointing up at 78 percent, which connotes upward momentum in the price as the bulls increase their presence and pressure. We are likely to see new highs and lows as the price is pushed higher by the bulls in the short-term.

 The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.