Tron (TRX) Price Analysis – December 20

  • Bullish uptake in both the medium and short-term outlook
  • Traders may consider buying at pullback areas with bullish candlestick pattern as confrmation for entry

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 continues in bullish trend in its medium-term outlook. The bulls remained in firm control of the market with a retest at $0.01808 in the supply as the high of the day before the momentum loss that brought back the bears for brief drawdown. $0.01574 in the demand area was the pullback limit yesterday.

The retest of the broken supply area as mentioned yesterday was necessary to guarantee the bulls' takeover and continuation. This happened late yesterday while the bullish continuation resume after today’s 4-hour opening candle at $0.01579.

 TRXUSD was back up to $0.01679 in the supply area.

The price is above the two EMAs crossover - an indication of strong bullish pressure. $0.01900 in the supply area remains a target as the bulls continue the journey up north in the medium-term.

TRX/USD Short-term Trend: Bullish 

 Tronix, TRXUSD, Cryptocompare chartTron chart by tradingview

The cryptocurrency remains in a bullish trend in its short-term outlook. The pullback was to the 10-EMA at $0.01606 as predicted yesterday before the uptrend continuation. The strong bullish pressure ensured that TRXUSD tested $0.01808 in the upper supply area as the high of the day.

The inverted hammer signaled the bears returned. TRXUSD dropped to $0.01580 in the demand area closing the day as a bullish railroad.

The price is above the two EMAs crossover and the stochastic oscillator signal points up at 56%. This implies upward momentum in price of the cryptocurrency.

The point of trend reversal was at the 61.8 fib area. It suggests that bullish momentum may be sustained to the 100% level which is at $0.01807 in the supply area.

 

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