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
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.
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