Tron (TRX) Price Analysis – December 19

  • The bulls are temporaly in control of the medium and short-term outlook
  • Traders may consder bullish reversal candlestick patterrn as confirmation before taking a position

Tronix, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Bullish

  • Supply zones: $0.02500, $0.02600, $0.02700
  • Demand zones: $0.01000, $0.00900, $0.00800

TRX is in bullish trend in its medium-term outlook. The bullish pressure within the range was sustained at $0.01356 with a large engulfing candle. This was a break above the two EMAs crossover on 17th December and a further push of TRXUSD up at $0.01540. This was the high of the day before the drawdown to $0.01416 in the demand area. The formation of the pinbar at $0.01463 signaled the bulls gradual return as TRXUSD returned the supply area at $0.01520.

The breakout from the upper supply area of the range occurred during today’s opening. The bullish engulfing candle at $0.01522 pushed the cryptocurrency further up at $0.01706 as the bullish momentum was sustained.

A retest of the broken area will guarantee the full bull takeover in the medium term as the price sits above the two EMAs crossover and the signal of the stochastic oscillator points up which implies upward price movement.

TRX/USD Short-term Trend: Bullish 

  Tronix, TRXUSD, Cryptocompare chartTron chart by tradingview

The cryptocurrency resumes a bullish trend in its short-term outlook. The breakout at $0.01301 in the upper supply area of the range occurred three times before the final leap at $0.01446 when the market closed on 18th December. The bullish 1-hour opening at $0.01470 sustained the momentum with the formation of marubozu candle. $0.01706 in the supply area was the initial high of TRXUSD as the bulls continued the journey north.

The price is above the two EMAs crossover - a strong indication of bullish pressure but the stochastic oscillator is in the overbought region at 81% with its signal pointing down. This suggests a brief pullback to the downside probable to the 10-EMA may occur before the bullish continuation.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.