Tron (TRX) Price Analysis – December 31

  • The short-term outlook is in a bearish trend while the medium outlook is in a range bound market
  • Traders should be patient trading the consolidation.

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

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

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

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.




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