TRX/USD Medium-term Trend: Ranging
Supply zones: $0.03000, $0.04000, $0.04500
Demand zones: $0.01000, $0.00900, $0.00800
TRX continues in a range-bound market in its medium-term outlook. The bearish inverted hammer that opend yesterday’s market continue to sustain the bearish pressure as TRXUSD dropped initially to $0.01901 in the demand area following the bearish marubozu candle formation.
After a bearish spinning top formed by the 4-hour opening candle, TRXUSD is back within the range after the bullish marubozu candle formation. $0.01942 was the high the bulls manage to push the price as TRXUSD continues in the range.
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. Traders should be patient for a breakout at the upper supply area for buy opportunities or breakdown at the lower demand area for sell opportunities in the medium-term outlook.
TRX/USD Short-term Trend: Bearish
TRX remains in a bearish trend in its short-term outlook. The cryptocurrency continued the journey to the south was further confirmed by the breakdown at the descending channel with a large bearish engulfing candle as TRXUSD was initially down to $0.01905 in the demand area.
Although the bulls managed a push back into the channel as the price rose to $0.01942 in the supply area, this is a should be seen as a false break as the bears still remain in control of the outlook. A continuation to the downside may resume shortly with the stochastic oscillator signal point down at the overbought region at 81%.
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