Tron (TRX) Price Analysis – January 18

  • The medium and short-term outlook is in consolidation
  • Traders should wait for a breakout or a breakdown with retest before flowing with the trend.

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Ranging

  • Supply zones: $0.04000, $0.05000, $0.06000
  • Demand zones: $0.01000, $0.00900, $0.00800

TRX returns to a range-bound market in its medium-term outlook. The bulls came back strongly at $0.02430 in the demand area after the second retest and TRXUSD rose initially to $0.02501. The two EMAs were broken with sustained momentum and the price was up at $0.02648 in the supply area.

Today’s 4-hour opening candle at $0.02561 closed a bearish hammer to nullify the bear pressure after an initial drop to $0.02531 in the demand area. The bulls may have returned as the cryptocurrency enters the range.

TRXUSD is in consolidation and trading between $0.02680 in the upper supply area and at $0.02200 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.

TRX/USD Short-term Trend: Ranging

  Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX continues in a range-bound market its short-term outlook. The bulls came back at $0.02430 after the formation of dragonfly doji as TRXUSD rose to $0.02523 in the supply area. Increased momentum broke the upper supply of the range as the price rose to $0.02648.

The bears returned and dropped TRXUSD back into the range with the price down to $0.02513 in the demand area as it continues in the range.

TRXUSD is in consolidation and trading between $0.02600 in the upper supply area and at $0.02380 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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