TRX/USD Medium-term Trend: Ranging
Supply zones: $0.03000, $0.04000, $0.04500
Demand zones: $0.01000, $0.00900, $0.00800
TRX continues in a range-bound market in its medium-term outlook. The bulls had a field day yesterday after the bullish marubozu candle at $0.01992 which confirmed their market dominance. Yesterday saw TRXUSD up at $0.02112 in the supply area but shows sign of exhaustion as the candle closes with a wick.
The bears may have taken over the control within the range as confirmed by the bearish 4-hour opening candle at $0.02078. The crypto was down to $0.02023 in the demand area shortly after opening, with the stochastic oscillator signal pointing down at 70%. It suggests continued bearish pressure within the range in the medium-term.
TRXUSD remains in consolidation and trading between $0.02200 in the upper supply area and at $0.01880 in the lower demand area of the range. Traders should be patient for a breakout at the upper supply area for buy opportunities or breakdown at the lower demand area for sell opportunities in the medium-term outlook
TRX/USD Short-term Trend: Ranging
TRX is in consolidation in its short-term outlook. The strong bullish pressure briefly lost shortly after today’s opening session. After a progressive journey from the opening at $0.01980 to $0.02112 in the supply area few hours after today’s opening, the bulls show exhaustion and the bears took as the TXRUSD enters consolidation.
The price is between the two EMAs and the stochastic oscillator signal is parallel at 23%. These reflect the ranging scenarios in the short-term.
The cryptocurrency is in consolidation and trading between $0.02084 in the upper supply area and at $0.01990 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required for either to take place before a position is taken.
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