Tron (TRX) Price Analysis – November 9

  • The bears remain in control of both the medium and short-term outlook 
  • Traders may take advantage of the strong bear pressure and look to sell

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 remains in a bearish trend in its medium-term outlook. The pullback by the bulls after the break at the 50-EMA pushed TRXUSD to $0.02397 in the supply area. A further upward movement was rejected by the 10-EMA that served as a strong resistance. The formation of a bearish pinbar around the resistance area was a good confluence for the bears' takeover. The strong bearish pressure ensured that the 50.0 fib level predicted in yesterday'sanalysis was attained. $0.02311 in the demand area was the low late yesterday.

The 4-hour opening candle at $0.02320 closes as a bullish spinning top. It implies a bullish pullback may occur but it is to correct the market before a downtrend continuation.

The price is below the two EMAs around the 50.0 fib level, the stochastic oscillator is in the oversold region at 8% and its signal point down which suggests downward price movement due to the bears' pressure in the medium-term.

61.8 fib level is still on the cards and this may be attained as the bears increase their momentum as they journey south.

TRX/USD Short-term Trend: Bearish

TRX, TRXUSD, Cryptocompare chartTron Chart by TradingView

The cryptocurrency continues in a bearish trend in its short-term outlook. The strong bear pressure sustained the ride down south with a new low at $0.02317 in the demand area late yesterday. The bulls’ efforts for a comeback were rejected by either the 10 or the 50-EMA as resistance against upward price movement.

$0.023121 in demand area was retested earlier today as the journey down south continues.

The price is creating a lower high and lower low scenario that are unique features of a down trending market. The EMAs are fanned apart which connotes strength in the context of the trend.

The stochastic oscillator in the oversold region at 13%, sellers zone, therefore, 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 CryptoGlobe.com and do not constitute financial advice. Always do your own research.