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 bears continued to exert pressure on TRXUSD price as momentum for the downward journey builds up. The formation of a bearish marubozu candle at $0.01370 strengthened the bears as TRXUSD was down to $0.01313 late yesterday.
The momentum was sustained after today’s opening as the cryptocurrency further dropped to $0.01273 in the demand area shortly after opening. The lower line of the bearish pennant was broken but the bulls pushed back within the pennant. It is obvious that the bears are determined to continue the downward trip to the $0.01248 and subsequently to $0.01110 in the demand area.
With the price below the two EMAs and the stochastic oscillator signal pointing down at 27%, this suggest further downward price movement in the medium-term.
TRX/USD Short-term Trend: Ranging
The cryptocurrency continues in a range-bound market in its short-term outlook. The strong bearish pressure within the range did push the price down as analyzed yesterday. $0.01313 in the demand area was the low the bears dropped TRXUSD late yesterday.
A gravestone doji opened today’s session an indication of sustained bearish momentum, hence the drop of TRXUSD to $0.01273 in the demand area shortly after opening. The lower demand area of the range at $0.0101 was broken but the candle closed as a bullish long-tailed within the range an indication of the bulls staging a comeback.
Price is still below the two EMAs and the stochastic oscillator at 48% and its signal points down to suggest a continued downward momentum in price 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.
