Tron (TRX) Price Analysis – November 8

  • Bearish uptake in both the medium and short-term outlook.
  • Traders may consider selling at former demand areas-turned supply area with bearish reversal candles as confirmation.

TRX, TRXUSD, Cryptocompare chartTron Chart by TradingView

TRX/USD Medium-term Trend:Bearish

Supply zones: $0.02800, $0.02900, $0.03000
Demand zones: $0.01700, $0.01600, $0.01500

TRX is in a bearish trend in its medium-term outlook. The bearish pressure prevailed in yesterday's analysis as the price went further down due to the bearish inverted long-tailed candle formed at $0.02508 in the supply area.  Yesterday, the price closed within the 38.2 fib level as an inverted bearish hammer after TRXUSD retested $0.02385 in the demand area. 

The bearish pressure was sustained at today opening with the 4-hour opening candle at $0.02414 closes as a long bearish engulfing candle. This pushed the TRXUSD price further down to $0.02349 in the demand area.

The price broke the 50-EMA and closed below it with the engulfing candle, an indication of strong bearish pressure. The stochastic oscillator is in the oversold region at 15% and its signal pointd down which suggests downward price movement due to the bears' pressure in the medium-term. The bears may push the price to the 61.8 fib level after a break in the 50.0 fib level, before the bulls may stage a return at this level. 

TRX/USD Short-term Trend: Bearish

TRX, TRXUSD, Cryptocompare chartTron Chart by TradingView

The cryptocurrency is in a bearish trend in its short-term outlook. The absence of bullish momentum to push the price to the upper line led to a break down at the lower line and from the ascending channel. The price was down to $0.02410 then a retest of the line was made before a final drop to $0.02385 in the demand area late yesterday. The 1-hour opening candle at $0.02487 was a bearish marubozu below the EMAs crossover - a strong indication of bears pressure. The led to a further drop of TRXUSD to $0.02349 in the demand area earlier today.

The stochastic oscillator in the oversold region at 15%. The bears may step up momentum to the downside in the short-term with $0.02240 in the demand area as an initial target.




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