TRX/USD Medium-term Trend: Bullish
Supply zones: $0.02800, $0.02900, $0.03000
Demand zones: $0.01700, $0.01600, $0.01500
TRX is in a bullish trend in its medium-term outlook. The sustained bullish pressure broke the upper trendline of the downward channel as analyzed on 2nd November because it will be the fourth touch and price went up to $0.02323 in the supply area before the end of the day. The weekend was a bearish pullback moment for a retest of the broken line. TRXUSD dropped to $0.02232 in the demand area on 4th November. The line serves as a strong support for the bulls return.
The bulls return after the railroad was confirmed by the candle at $0.02292. Increased bullish momentum lifted TRXUSD to $0.02395 in the supply area few pips away from the initial target at $0.02400 before the end of yesterday session.
The bearish 4-hour opening candle at $0.02367 sustained bear pressure. This is a minor pullback by the bears and dropped the price to $0.02343. This is a correction necessary for uptrend continuation.
The price is above the two EMAs an indication of strong bullish pressure. The stochastic oscillator is in the overbought region at 72% its signal points down. It implies a minor drawdown for correction before the bulls return for uptrend continuation.
$0.02500 in the supply area may be retested in the medium term as the bulls pressure becomes much stronger.
TRX/USD Short-term Trend: Ranging
The cryptocurrency enters into consolidation in its short-term outlook. After breaking the upper supply area of the range at $0.02290 on 2nd November, TRXUSD went up to $0.02350 in the supply area, and exhaustion set in. The bears returned and dropped the price to $0.02232 within the range before the bulls staged another comeback that pushed TRXUSD up to $0.02395 in the supply area, setting up another ranging scenario.
TRXUSD is ranging and trading between in at $0.02418 the upper supply area and at $0.02323 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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