Tron (TRX) Price Analysis – November 7

  • The bulls are in control of both the medium and short-term outlook
  • Traders may consider buying a pullback with bullish candles reversal as confirmation for entry

TRX, TRXUSD, Cryptocompare chartTron Chart by TradingView

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. Ever since breaking out of the descending channel on 2nd of November, the bulls had kept pushing TRXUSD to new daily highs and lows. $0.02487 in the supply area was the high it attained yesterday, 6th November while $0.02378 in the demand area was the low on the same day.

The formation of a bearish long-tailed 4-hour opening candle at $0.02470 signalled a possible trend reversal as the bears gradually returned. Increased bearish momentum led to a drop TRXUSD price to $0.02418 in the demand area.

The current bear pressure is a pullback which is most expected for correction before the resumption of uptrend continuation. The price is within the 23.6 fib level and above the two EMAs. The stochastic oscillator is in the overbought region as 78% and its signal point down which suggests downward price movement due to the bears' pressure. 38.2 fib level may be tested as the bearish momentum increases before the bulls resume their upward journey in the medium-term.

TRX/USD Short-term Trend: Bullish

TRX, TRXUSD, Cryptocompare chartTron Chart by TradingView

The cryptocurrency is in a bullish trend in its short-term outlook.  The ascending channel capture the TRXUSD price pattern in the short-term. After yesterday's touch at the upper line of the channel at $0.02487, a bounce to the downside took TRXUSD to $0.02429 in the demand area before the close of the session. The bears' pressure remains strong within the channel despite a brief upside move to $0.02508 in the supply area after today’s opening. The drop of TRXUSD to $0.02416 in the demand area which is the lower line of the channel was due to the bears' pressure.

A bounce to the upside is expected as the bull's momentum builds up. Price may be heading to the upper line of the channel in the short-term.

 

 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.