TRX/USD Medium-term Trend: Ranging
- Supply zones: $0.03000, $0.04000, $0.04500
- Demand zones: $0.01000, $0.00900, $0.00800
TRX returns to a range-bound market in its medium-term outlook. $0.02150 in the supply area was the limit the bullish pressure could take TRXUSD as rejection and exhaustion of the bullish momentum sets in. The bearish pressure from the railroad was neither strong for a continuous journey down south but a brief drop of TRXUSD to $0.01976 in the demand area. The bulls returned before the end of yesterday session as TRXUSD went up to $0.02098 in the supply area.
Today's 4-hour opening candle at $0.02050 closed as a bearish the inverted hammer with TRXUSD down to $0.01988. This signaled the bears are currently in charge as the cryptocurrency ranges.
TRXUSD is in consolidation and trading between $0.02200 in the upper supply area and at $0.01880 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
TRX/USD Short-term Trend: Bearish
The short-term outlook still has TRX in the bearish trend. The bullish pressure from $0.01976 in the demand area was strong until late yesterday after TRXUSD was up at $0.02093 in the supply area. This was a critical key level and the bears stage a return.
The bearish marubozu candle at $0.02090 was a confirmation to the bears' takeover. TRXUSD dropped to $0.01988 as the bearish momentum increased down south.
With the price below the two EMAs crossover and stochastic at 21%, the bear may continue the ride to $0.01890 in the short-term as more candles form and close below the EMAs.
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