Tron (TRX) Price Analysis – January 24

  • The bulls are in control of the medium and short-term outlook
  • Responsible buying at pullback areas with bullish candles as confirmation

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Bullish

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

TRX is back in a bullish trend in its medium-term outlook. The bullish pressure successfully broke the upper supply area of yesterday's range at $0.02722 and pushed further up to $0.02767 in the supply area before the loss of momentum due to the formation of a bearish spinning top.

The bearish momentum was low as TRXUSD dropped to $0.02642 in the demand are.

Today’s opening candle at $0.02722 is a bullish pin bar an indication of the bulls gradual return.

A flag denoted by (F1 and F2) was created which is a pullback due to the bears' pressure but the bulls return after exhaustion continued the upward price movement.

$0.03000 in the supply area may be retested as the bullish momentum becomes stronger in the medium-term.

TRX/USD Short-term Trend: Bullish

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX short-term outlook is a bullish trend. The strong bullish pressure within the range broke the upper supply area of the range yesterday and took TRXUSD up to $0.02767 in the supply area. This was expected as it was the third touch that led to breakout due to increased momentum.

The price may retest the broken supply area to confirm the uptrend continuation in the short-term as the divergence between the price and the stochastic oscillator implies that the bulls will continue the journey up.

 

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