TRX/USD Medium-term Trend: Ranging
- Supply zones: $0.02500, $0.02600, $0.02700
- Demand zones: $0.01000, $0.00900, $0.00800
TRX is in a range-bound market its medium-term outlook. The bearish pressure that led to the break down at the lower line of the bearish pennant on 14th December and subsequent drop of TRXUSD to $0.01260 in the demand area was lost. This resulted in the bulls return on 16th December confirmed by the bullish candle at $0.01290. TRXUSD made a high at $0.01363 in the supply area. The bears’ area gradually returned. This was confirmed with the stochastic oscillator signal pointing down at 67% as TRXUSD entered into consolidation.
TRXUSD is ranging and trading between $0.01600 in the upper supply area and at $0.01155 in the lower demand area of the range. Traders should be patient and allow a breakout at the upper supply area or a breakdown at the lower demand area to occur before taking any position.
TRX/USD Short-term Trend: Ranging
The cryptocurrency remains in a range-bound market in its short-term outlook. Just as the bears pushed the cryptocurrency down off the lower demand area of the range to $0.01260 in the demand area, the bulls returned TRXUSD back in the range with price at $0.01363 in the supply area.
Divergence is seen between the stochastic and the price as the cryptocurrency continues in 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.
