TRX, TRXUSD, Cryptocompare chartTron Chart by TradingView

TRX/USD Medium-term Trend: Bearish

Supply zones: $0.02500, $0.02600, $0.02700
Demand zones: $0.01100, $0.01000, $0.00900

TRX remains in a bearish trend in its medium-term outlook. The strong bearish pressure successful dropped the cryptocurrency at $0.01257 in the demand area making it the lowest low of the day before exhaustion set in. The formation of a hammer at this area was an indication of a possible trend reversal with the bulls staging a comeback.

TRXUSD was up at $0.01624 in the supply area due to the bulls pressure but rejection to upward movement occurred at the area with the 10-EMA acting as strong resistance against the bullish move.

Although the 4-hour opening candle at $0.01420 was a bullish hammer the momentum for the upward price movement was absent as the stochastic oscillator signal at 25% points down which implies downward price movement.

Price is within the 23.6 fib level and a pullback to the 38.2 area may also return the bears for downtrend continuation.

TRX/USD Short-term Trend: Ranging

 TRX, TRXUSD, Cryptocompare chartTron Chart by TradingView

The cryptocurrency enters a range bound-market in its short-term outlook. The bullish railroad at $0.01332 in the demand area led to the upward price movement with TRXUSD at $0.01624 in the supply area. The bears return at the supply are was confirmed with the marubozu candle at $0.01550 as the price nose dived to $0.01357 in the demand area but lost momentum. 

TRXUSD is consolidation and trading between $0.01596 in the upper supply area and at $0.01332 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur in the short-term but traders should wait and allow this to occur before taking a position.

 

 

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