TRX/USD Medium-term Trend: Bearish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRX returns to a bearish trend in its medium-term outlook. After a remarkable pullback to $0.02700 in the supply area, the bulls lost momentum setting up the bears for a return signaled by the inverted bearish pinbar. TRXUSD dropped to $0.02391 in the demand area.
The bearish pressure was sustained after today’s opening with the price below the two EMAs and the stochastic oscillator signal points down at 48%, an indication of downward momentum in price of the cryptocurrency in the medium-term.
Furthermore the 38.2 fib area, a trend continuation zone was the end of the pullback which was necessary for the market correction before the downtrend continuation. It implies that the bears may drop the price to $0.02110 in the demand area.
TRX/USD Short-term Trend: Ranging
TRX is in a range-bound market its short-term outlook. The bears’ pressure was evident after the end of a minor pullback yesterday at $0.02549 in the supply area. The large marubozu candle at $0.02580 confirmed the bears’ takeover within the range. TRXUSD dropped to $0.02391 in the demand area late yesterday.
The price is below the two EMAs crossover with the stochastic oscillator at 42% and its signal is parallel an indication of the ranging scenario.
TRXUSD is in consolidation and trading between $0.02599 in the upper supply area and at $0.02331 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taken.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
