Tron (TRX) Price Analysis – January 23

  • The medium and short-term outlook is in consolidation.
  • Patience should be exercised trading the range

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 continues in a range-bound market in its medium-term outlook. The bulls staged a return as predicted due to the large engulfing candle formed at $0.02387 in the demand area on 21st January. New highs were attained each day within the range with $0.02722 in the supply area as the high of yesterday session before momentum loss.

The bears are currently in control as the price is back in the range. Todays’s 4-hour opening candle at $0.02673 was a bearish as TRXUSD had dropped to $0.02623 in the demand area shortly after opening.

TRXUSD is in consolidation and trading between $0.02652 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 is a range-bound market. The strong bullish pressure within the range broke the upper supply area of the range twice yesterday. TRXUSD was up at $0.02722 in the supply area. Exhaustion set as the inverted hammer was formed as the bears made a gradual return.

The large marubozu candle at $0.02673 formed shortly after today’s opening brought the cryptocurrency back into the range. With the price below the 10-EMA and the stochastic oscillator signal pointing down the bears may sustain the downward journey 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.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.