TRON Price Medium-term Trend: Bearish
Supply zones: $0.02500, $0.02600, $0.02700
Demand zones: $0.01400, $0.01300, $0.01200
TRX remains in a bearish trend in its medium-term outlook. The bears' dominance of the market was obvious with rejection to the bulls comeback on 18th November when TRXUSD was up at $0.01941 in the supply area and closed the session with a bearish railroad. The large engulfing bearish candle at $0.01892 opened today's session as TRXUSD went down initially to $0.01816.
Price is below the two EMAs and the EMAs are fanned apart which suggest strength in the context of the trend and in this case the downtrend. The stochastic oscillator is in the oversold region at 12% and its signal points down which imply downward momentum in price.
The bears still hold sway of the market, but a minor pullback to the trendline may occur on the way down.
TRX/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The formation of bearish marubozu candle suggests further bear pressure. Price is below the two EMAs crossover with the stochastic oscillator in the oversold region at 4%. These suggest further downward price movement in the short-term with the bears staging a strong return to push price down south.
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