TRX/USD Medium-term Trend: Ranging
- Supply zones: $0.03000, $0.04000, $0.04500
- Demand zones: $0.01000, $0.00900, $0.00800
TRX remains in a range-bound market in its medium-term outlook. The formation of a spinning top at $0.01809 in the demand area on 28th December was an indication that the bulls are back after the bears pushed the cryptocurrency down to $0.01860 in the supply area. TXRUSD rose to $0.02959 in the supply area before losing momentum.
The combination of a bearish doji and a bearish candle at $0.02140 confirmed the bears are in control of the market. TRXUSD initially dropped to $0.02001 and later to $0.01990 in the demand area.
The price is below the two EMAs and the stochastic oscillator is in the oversold region at 11% with its signal parallel a reflection of the ranging scenario.
TRXUSD is ranging 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 continues in a bearish trend in its short-term outlook. In the short-term, the TRXUSD is in a downward channel. After a bullish 1-hour opening around the upper line of the channel at $0.02037 that pushed the cryptocurrency up to $0.02066 in the supply area, the bears returned and commenced the journey to the south of the channel.
$0.01950 in the demand area was the point the bears’ pressure dropped the cryptocurrency before a bounce to the upside by the bulls.
The price is below the two EMAs and the stochastic oscillator signal points down at 39% an indication of downward movement in the cryptocurrency to the lower line of the channel.
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