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 bearish pennant pattern is still strong as th TRXUSD structure in the medium term. The bullish pressure was weakening after the formation of a bearish doji at $0.01393 in the supply area. The bears returned and resumed the downward journey with a drop in price to $0.01355 as the day ended in a bearish inverted hammer.
The bearish 4-hour opening candle at $0.01356 sustained the bearish pressure with TRXUSD at $0.01334 in the demand area with room for the nice journey to the downside.
The price is below the two EMAs and the stochastic oscillator signal points down at 53%. This suggests further downward price movement in the medium-term.
The imminent 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: Ranging
The cryptocurrency continues in a range-bound market in its short-term outlook. The bullish pressure was strong within the range during yesterday’s session as TRXUSD was up at $0.0138. This momentum was lost as the bears took control of market towards the end of the session with a dropped in price to $0.01360.
The 1-hour opening candle sustained the bears’ pressure with a drop in price to $0.01334 in the demand area earlier today. With the price below the two EMAs and the stochastic oscillator in the oversold region, the bears may continue to push the price down within the range.
TRXUSD is consolidation and trading between $0.01398 in the upper supply area and at $0.01301 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.
