TRX/USD Medium-term Trend: Bearish
Supply zones: $0.04000, $0.05000, $0.06000
Demand zones: $0.01000, $0.00900, $0.00800
TRON is in a bearish trend in its medium-term outlook. $0.02450 in the supply area was the lower high while $0.02360 in the demand area was the lower low of yesterday's session. The formation of the lower high and lower low is down trending market features.
The gravestone formation at today’s opening is an indication of the bulls' presence. TRXUSD was up at $0.02438 in the supply area as the bulls lost momentum and the candle closes with a wick.
The bulls area briefly in charge to give the lower high. This may be at the 23.6 fib area which is at $0.02456. This fib area is a trend continuation zone. The bears' return is expected to push the price further down below yesterday low. The bears' target is $0.02100 in the demand area.
TRX/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The bears sustained the downward momentum as yesterday's session ended on a bearish note. $0.02360 was the low of the day.
The bulls staged a brief return after today's opening at $0.02383. TRXUSD rose to $0.02438 in the supply area.
TRXUSD is in a descending channel in the short-term. The bears are currently in control of the market. The price is around the two EMAs and the stochastic oscillator at 68%, with signal pointing down. These suggest a downward momentum in price.
The bears' next target is at the lower line of the channel with the bears' strong pressure and more candles formed below the EMAs crossover.
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