Tron (TRX) Price Analysis – January 10

  • Bullish uptake in both the medium and short-term outlook
  • Responsible buying at pullback areas with bullish candlestick pattern as confirmation

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Bullish

  • Supply zones: $0.05000, $0.06000, $0.07000
  • Demand zones: $0.01000, $0.00900, $0.00800

TRX continues in a bullish trend in its medium-term outlook. The bullish pressure remained strong with progressive upward price movement and a retest at $0.03000 in the supply area late yesterday. This was a major breakout from the key supply area after the breakdown in price that started in August 2018.

The bullish 4-hour opening marubozu candle at $0.028700 further increased the bullish momentum as BSVUSD rose to $0.03584 in the supply area.

The bears are back for a pullback which is necessary for the market correction and to guarantee uptrend continuation. The price is currently with the 38,2 fib and a breakdown may see the bulls return at the 50.0 fibs area to resume upward price movement in the medium term because the two EMAs remained fanned apart and the price is above the crossover.

TRX/USD Short-term Trend: Bullish

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX continues in a bullish trend in its short-term outlook. The cryptocurrency made a new high before the end of yesterday session at $0.03028 in the supply area. The drawdown by the minor bears' pressure saw TRXUSd down to $0.02800 at the touch of the trendline. The expected bounce to the upside after today’s opening occurred as TRXUSD was initially up at $0.03143  and later at $0.03584 in the supply.

The brief momentum loss due to the formation of an inverted hammer returned the bears. TRXUSD was down to $0.02861 in the demand area which was at the trendline before the bears' momentum exhaustion.

 

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