TRX/USD Medium-term Trend: Bearish
Supply zones: $0.02500, $0.02600, $0.02700
Demand zones: $0.01000, $0.00900, $0.00800
TRX remains in a bearish trend its medium-term outlook. The formation of a bearish inverted hammer on 9th December signalled the bears’ takeover of the market as TRXUSD dropped to $0.01312 on 10th December. $0.01363 in the supply area was the high the bullish pressure managed to push the cryptocurrency.
Yesterday saw the candle close as an inverted bearish pinbar in an indication of the bears’ return. $0.01319 in the demand area was attained earlier today.
The cryptocurrency structure is a bearish pennant with the bears expected to regain control after the bullish pullback currently ongoing which is necessary for the market correction before downtrend continuation.
The price is below the two EMAs, which implies bear pressure. The stochastic oscillator is in the oversold region and its signal points down at 18%. This suggests further downward price movement in the medium-term.
A break at $0.01248 in the demand area which is at the lower trendline of the pennant will confirm a retest at $0.01110 in the demand area.
TRX/USD Short-term Trend: Bearish
The cryptocurrency is in a range-bound market in its short-term outlook. $0.01363 in the supply area was the high of yesterday’s session before the bears returned and dropped TRXUSD to $0.01312 in the demand area. This was the low of the day.
The bulls are back earlier shortly after opening as TRXUSD was up at $0.01350 in the supply area.
TRXUSD is consolidation and trading between $0.01398 in the upper supply area and at $0.01306 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries. Hence patience is needed before taking any position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
