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 bearish pressure remains intact despite the upward price movement to $0.01560 in the supply area as the bulls pulled back. Rejection to further upward move occurred at the 10-EMA as the candle closed as an inverted bearish hammer that led to the bears’ return. $0.01420 in the demand area was the low of the day as the day ended with a bullish railroad.
The momentum for the bullish move was absent early today as the 4-hour opening candle closed bearish after a brief push to $0.01498 in the supply area.
The price is around the 10-EMA a strong resistance area but the stochastic oscillator signal at 59% points up which suggest an upward movement in price of the cryptocurrency in the medium-term.
The price is within the 23.6 fib level, the bullish momentum may push TRXUSD into the 38.2 area which is also a trend continuation zone. This bullish move may be necessary for the market correction before the resumption of the downtrend continuation.
TRX/USD Short-term Trend: Ranging
The cryptocurrency remains in a range bound-market in its short-term outlook. $0.01527 in the supply area was the high of the day the bullish pressure could take the cryptocurrency before it gradually weakened. This occurred around the 50-EMA. The bears’ pressure within the range was likewise weak with a drop of TRXUSD to $0.01420, the low of the day in the demand area as the session gradually came to a close with a sign of bullish return.
$0.01459 was the opening price with the bullish 1-hour candle as price rose to $0.01495 in the supply area between the two EMAs earlier today.
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.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research
