Tron (TRX) Price Analysis – January 16

  • The medium-term outlook is in a bearish trend while the short-term outlook is in consolidation
  • Traders should exercise patience trading the consolidation

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

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

  Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

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.

 

 

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