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 a range-bound market in its medium-term outlook. The bulls are currently in charge within the range with a marubozu 4-hour opening candle at $0.02502.TRXUSD rose to $0.02543 in the supply area before a pullback to $0.02507 in the demand area.
The price is above the two EMAs and the stochastic oscillator signal pointing up at 51% suggesting an upward movement in price within the range.
TRXUSD is consolidation and trading between $0.02541 in the upper supply area and at $0.02362 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good bearish candlestick pattern as confirmation.
TRX/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The bulls were back in control towards the end of yesterday as confirmed by the gravestone doji shortly after today’s opening session.
TRXUSD was up at $0.02544 in the supply area after the breakout from the two EMAs crossover. The target is at the key supply area with stochastic oscillator signal pointing up at the overbought region. The bullish pressure may become stronger as more candles open and close above the two EMAs in the supply area.
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