Tron (TRX) Price Analysis – January 30

  • The bulls are back in control of both the medium and short term outlook
  • Traders may consider buying at pullbacks areas with bullish candlestick pattern 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

TRON returns to a bullish trend in its medium-term outlook with an evening star formation shortly after opening, which is intended to sustain the journey down south, the bears could only manage a push to  $0.02634 in the demand area before momentum loss. This made the bulls return after the railroad formation at  $0.02645. TRXUSD rose to  $0.02813  in the supply area breaking the two EMAs - an indication of bulls takeover.

Today's opening 4-hour candle is bullish at  $0.02754 with TRXUSD already up at  $0.02788 in the supply area above the two EMAs. The stochastic oscillator signal points up at 52% an indication of upward momentum in price.

The bullish momentum may be sustained to the 78.6 fib area which is at  $0.02981in the supply area. A break out will imply the next target at  $0.03122 as the bullish pressure becomes stronger.

TRX/USD Short-term Trend: Bullish

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

The cryptocurrency is in a bullish trend in its short-term outlook. The double bottom formed after the bearish exhaustion at $0.02634 in the demand area signaled the bulls takeover of the market. TRXUSD witnessed the formation of higher high at $0.02813 and higher low at $0.02718 after today's opening. This pattern is peculiar to up trending market.

It implies that a new high is up for attainment as the bulls gather momentum for the upward journey. This is confirmed with the price above the two EMAs and the stochastic oscillator signal pointing up at 40% an indication of upward momentum in the short-term.

 

 

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