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
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.
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