Tron (TRX) Price Analysis – January 9

  • The bulls are in control of both the medium and short-term outlook
  • Responsible buying at key area with bullish candle pattern as confirmation for entries

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 in a bullish trend in its medium-term outlook. The strong bullish pressure sustained the tempo as TRXUSD rose to $0.02749 in the supply area while a brief exhaustion set in denoted by candles with wicks. $0.02584 was the low yesterday.

The 10-EMA is seen acting as strong support after each pullback by the bears. The bulls returned subsequently with increased momentum represented by a large engulfing candle.

The price is currently above the two EMAs which are fanned apart which connotes strength in trend and in this case the uptrend. The stochastic oscillator signal is in the overbought region 80%  and it signal points up. This implies an upward momentum in price.

TRX/USD Short-term Trend: Bullish

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

 TRX continues in a bullish trend in its short-term outlook. The cryptocurrency is in an ascending channel. The lower line of the channel was tested after the bearish pressure dropped the TRXUSD down to $0.02356 in the demand area. The formation of a hammer coupled with bullish marubozu candle signaled the bulls takeover.

The bullish momentum was sustained as TRXUSD rose to $0.02749 in the supply area.

A minor pullback to the 10-EMA occurred shortly after opening but the bulls are back with the upper line of the channel as their target 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.