Tron (TRX) Price Analysis – December 21

  • The bulls kept and sustained the control of the medium and short-term outlook.
  • Responsible buying with bullish reversal candlestick pattern may be consider at key areas.

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 journey up north was guaranteed yesterday after the retest as the bulls kept the pressure on the price strong pushing TRXUSD from yesterday's low at $0.01564 to $0.01795 in the supply area.

The $0.01900 bullish target of yesterday's analysis was attained shortly after a bullish 4-hour opening candle pushing TRXUSD further up to $0.01969 in the supply area.

An uptrend market structure is seen as TRXUSD make higher high and higher low as the bulls continue its journey to the north.

The price is above the two EMAs crossover and the EMAs are fanned apart an indication of strength in the context of the trend and in this case the uptrend. The stochastic oscillator is in the overbought region at 85% and its signal points up. This suggests upward momentum in price in the medium-term. $0.02100 in the supply area may be the bulls next target as journey north continues.

TRX/USD Short-term Trend: Bullish 

 Tronix, TRXUSD, Cryptocompare chartTron chart by tradingview

The cryptocurrency continues in a bullish trend in its short-term outlook. The strong bullish pressure pushed the price up at $0.01789 in the supply area near the predicted 100% fib ($0.01807) before the bear set in. TRXUSD dropped to $0.01700 in the demand area before the end of yesterday.

The rally occurred shortly after today's opening despite a bearish 1-hour opening candle at $0.01770 as TRXUSD rose to $0.01969 in the supply area with a large bullish engulfing candle. This was a nice break at the predicted fib.

A retest of the fib area will guarantee uptrend continuation as the price is above the two EMAs crossover which implies strong bullish pressure. The stochastic oscillator signal points up at 56%. This implies upward momentum in price of the cryptocurrency.

The 1.618 fib area at $0.02000 in the supply area is the bulls next target in the short-term.

 

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