Tron (TRX) Price Analysis – December 24

  • The bulls remained in control of both the medium and short-term outlook
  • Traders may consider selling at pullback areas.

Tronix, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Bullish

Supply zones: $0.03000, $0.04000, $0.04500

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 as it continues its journey up north breaking the predicted $0.02100 in the supply area. This happened on 21st December as TRXUSD closed the day with a new high at $0.02324 in the supply. Retracement to lower low at $0.0894 in the demand area was a correction for uptrend continuation.

Todays’ 4-hour opening candle at $0.02140 confirmed the bulls return as TRXUSD was up at . $0.02430 shortly after opening.

The price is above the two EMAs crossover that remained fanned apart which further confirm the upward trend. With the stochastic oscillator signal pointing up at 75% region, it suggests further upward momentum in price in the medium-term.

TRXUSD sustained the up trending market structure of higher highs and higher lowers in the medium-term as it upward journey 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. After successfully attaining the 1.618 fib target at $0.02000, the 2.618 fibs at $0.029428 is the next target in the short-term.as the bullish momentum continues to increase.

The price stands above the two EMAs which are fanned apart suggesting strength in the context of the trend and it this case the uptrend. The stochastic oscillator signal points up at 87% even though at the overbought region. It implies upward momentum in price of the cryptocurrency.  

 

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