TRON Price 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 lack of bullish momentum to take price from the 23.6 to 38.2 fib area was an indication to the bears gradually building momentum for the next strong downward move.
After a minor bullish flag, the bears’ returned and drop price to $0.01375 in the demand area before the close of yesterdays market. The bearish momentum was sustained with the 4-hour opening candle at $0.01380 closed bearish. TRXUSD further plummeted to $0.01321 in the demand area earlier today.
It is obvious that bears are fully back after the correction from the pullback. With price below the two EMAs and strong resistance at 10-EMA in addition to the stochastic oscillator in the oversold region at 15%. These suggest downward price movement in the medium term. A retest at $0.01253 is imminent.
TRX/USD Short-term Trend: Ranging
The cryptocurrency continues in a range bound-market in its short-term outlook. The bear pressure at $0.01497 in the supply area between the EMAs dropped TRXUSD to $0.01375 in the demand area before the close yesterday session. Despite a bullish 1-hour candle at $0.01388, increased bearish momentum pushed price to $0.01321 in the demand area earlier today before exhaustion sets in.
The bulls are pushing price back up within the range with the stochastic oscillator at 32% and its signal points uop which suggests an upward momentum in price in the short-term.
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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