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
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.
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