TRX/USD Medium-term Trend: Bullish
Supply zones: $0.02800, $0.02900, $0.03000
Demand zones: $0.01700, $0.01600, $0.01500
TRX returns to a bullish trend in its medium-term outlook. $0.02209 in the demand area was the low of the day before exhaustion set in as the candle closed as a pinbar. Efforts by the bears for a downward push were subsequently rejected as the bulls gradually returned with the candle closing above the 10-EMA, pushing the price up to $0.02254 in the supply area before the end of session.
The day opened with a bullish candle at $0.02251 that sustained the bullish momentum as yhe price was up at $0.02287 in the supply area. This was a touch at the upper line of the channel. Close observation shows it was the fourth time the price would be touching the upper line. A breakout may occur because at the fourth touch the resistance becomes weak and a breakout is most probable.
The price is above the 10-EMAs and the stochastic oscillator though at the overbought region at 81% and its signal still points up. It suggests the possibility of an upward price movement.
With increased momentum, a breakout from the channel may occur and the price may retest the $0.02400 in the supply area initially in the medium term.
TRX/USD Short-term Trend: Ranging
The cryptocurrency is in consolidation in its short-term outlook. The weak bearish pressure could not push further down to complete the right leg of yesterday’s analysis as the bulls stage a comeback at $0.02209 in the demand area. $0.02256 was the high TRXUSD attained late yesterday.
The 1-hour opening candle at $0.02244 was a bullish candle and this sustained TRXUSD upward movement to $0.02287 in the supply area as it enters a range-bound market
TRXUSD is ranging and trading between $0.02290 in the upper supply area and at $0.02190 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area with a good reversal candle formation before taking a position.
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