TRX/USD Medium-term Trend: Bearish
Supply zones: $0.02500, $0.02600, $0.02700
Demand zones: $0.01000, $0.00900, $0.00800
TRX continues in a bearish trend in its medium-term outlook. The minor pullback by the bulls manage to a push-up in TRXUSD price to $0.01456 in the supply area and lost momentum for the continued upward movement. The bearish railroad formed thereafter was an indication of the bears’ presence. TRXUSD dropped to $0.01110 in the demand area on 25th November due to increased bear momentum. Exhaustion set in as the candle close with wicks forming a doji an indication of bulls return.
The 4-hour opening candle at $0.01256 sustained the bullish momentum with the price up at $0.01323 in the supply area earlier today.
With the stochastic oscillator at 44% and its signal pointing up, this suggests an upward price movement in the medium term as the bull pressure becomes much stronger. This should be seen as a pullback necessary for the resumption of trend continuation.
TRX/USD Short-term Trend: Ranging
The cryptocurrency continues in a range bound-market in its short-term outlook. The strong bearish pressure was lost after dropping the price at $0.01149 in the demand area and made three touches before the bulls finally pushed the price up as momentum increased. The 1-hour opening price at $0.01250 sustained the tempo and TRXUSD was up at $0.01323 in the supply area.
The price is above the two EMAs – an indication of bull pressure. The stochastic oscillator is in the overbought region at but its signal is pointing up. This further confirms the bullish momentum within the range in the short-term
TRXUSD is consolidation and trading between $0.01334 in the upper supply area and at $0.01142 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 BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
