TRX/USD Medium-term Trend: Bearish
Supply zones: $0.02800, $0.02900, $0.03000
Demand zones: $0.01700, $0.01600, $0.01500
TRX continues in a bearish trend in its medium-term outlook. The bulls attempt for an upward price movement was rejected at the EMAs. The 10-day EMAs serve as resistance, particularly on 11th November. The bears return was signalled by the inverted bearish hammer. With the increased momentum the bears continue the nice journey south with the break at the 61.8 fib level. TRXUSD went down to $0.02261in the demand area same day.
The brief bullish pullback saw the price back up at $0.02292 late yesterday and briefly after today’s opening as TRXUSD went up to $0.02315.in the supply area. The close of the candle as another bearish inverted hammer brought the bears with stronger pressure. The price is currently down to $0.02243 with room for more downward movement.
The price is below the two EMAs and heading towards the 78.2 fib level The stochastic oscillator is at 27% and its signal point down which suggests downward price movement due to the bears' pressure in the medium-term.
A break and close below the 78.2 fib level may open the gate for a 100% retracement at $0.02140 in the demand area in the medium-term.
TRX/USD Short-term Trend: Bearish
The cryptocurrency in a bearish trend in its short-term outlook. The strong bear pressure attained the first target at $0.02240 in the demand area after earlier today. This implies that the bears' next target low at $0.02200 may be attained shortly in the demand area.
The price is below the two EMAs and the stochastic oscillator in the oversold region at 13%, with its signal pointing down. This suggests a continuation of the downward journey as the bears increase their momentum.
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