Tron (TRX) Price Analysis – January 21

  • The medium and short-term outlook remains in a range-bound market.
  • Traders should be patent while a breakout or a breakdown occurs before taking a position.

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 remains in a range-bound market in its medium-term outlook. The bulls were able to push to $0.02580 in the supply area while the bears dropped TRXUSD to $0.02334 in the demand area below the two EMAs crossover during the weekend.

The bears' pressure seems to be weakening with the formation of a gravestone doji. It suggests that the bulls may stage a return within the range in the medium-term. The stochastic oscillator signal points up at 19% in the oversold region.

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 short-term outlook continues in consolidation. The strong bearish pressure broke the $0.02380 in the lower demand area of the range. Increased momentum dropped TRXUSD further down to $0.02334 in the demand area. The bulls managed a comeback with a push to $0.02430 back within the range.

The stochastic oscillator signal points up at 48%. This suggests a possible continuation in the bullish pressure within the range in the short-term.

TRXUSD is ranging 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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