Tron (TRX) Price Analysis – February 11

  • The medium and short-term outlook is in consolidation
  • Traders should be patient and wait for a breakkout or a breakdown before taking a position

Tron, TRXUSDTron chart by tradingview

TRX/USD Medium-term Trend: Ranging                               

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

TRON continues in consolidation in its medium-term outlook. The bullish pressure was dominant at the weekend with the cryptocurrency making a high at $0.02800 in the supply area on 9th February but closes as an inverted hammer. The bears returned as signaled with a large bearish engulfing candle at $0.02767.

TRXUSD drooped to $0.02540 in the demand area shortly after yesterday's opening shortly but exhaustion sets as the candle closed with a wick with the bulls pushing price to $0.02550 in the supply area.

Today’s opening 4-hour candle sustained the bears' pressure that started yesterda with the stochastic oscillator point down at 24% and the price below the two EMAs. It suggests that momentum to the downside may occur within the range.

TRXUSD is ranging and trading between $0.02800 in the upper supply area and at $0.02450 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence traders should be patience.

TRX/USD Short-term Trend: Ranging

Tron, TRXUSDTron chart by tradingview

The cryptocurrency is still in consolidation in its short-term outlook. The breakdown of the lower demand area on 10th February as the price dropped to $0.025400 in the demand area could not trigger the downward journey. The bulls gathered momentum and brought the price back within the range with a breakout at the upper supply area the same day.

TRXUSD is still within the range with the price below the two EMAs and the stochastic oscillator signal pointing up at 14% in the oversold region. It suggests some bullish move may occur within the range.

 $0.02651 is the upper supply price area while $0.02570 is the lower demand area while the cryptocurrency ranges 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.