TRX/USD Medium-term Trend: Bullish
Supply zones: $0.04000, $0.05000, $0.06000
Demand zones: $0.01000, $0.00900, $0.00800
TRX is in a bullish trend in its medium-term outlook. The breakout at the $0.02200 in the upper supply area on 4th January signaled the bulls market takeover. TRXUSD was up at $0.02259 as the market session closed on a bullish note.
The retest of the broken area occurred the 5th January as the market opened with a bullish marubozu candle. Increased bullish momentum pushed TRXUSD further up at $0.02425 in the supply area over the weekend.
The price is above the two EMAs that are fanned apart which implies strength in the context of the tend and in this case the uptrend. The stochastic oscillator signal lies at 70% in the overbought region with the undefined signal in the medium-term but may be turned up as more candles formed and closed above the two EMAs due to the bullish pressure.
TRX/USD Short-term Trend: Bullish
TRX continues in a bullish trend in its short-term outlook. $0.02425 in the supply area was the high on 5th January before the drawdown to $0.02214 in the demand area which was the 50% fib level. The bulls returned at the area and TRXUSD was back up at $0.02410 late yesterday.
Today’s 1-hour opening candle $0.02333 sustained the bullish momentum as the price was up at $0.02387 in the supply area.
The price is within the 23.6 fib area a trend continuation zone and above the two EMAs which suggests a rise in the price of the cryptocurrency.
The stochastic oscillator signal is pointing up 56% which also implies upward momentum in price in the short-term.
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