TRX/USD Medium-term Trend:Ranging
Supply zones: $0.04000, $0.05000, $0.06000
Demand zones: $0.01000, $0.00900, $0.00800
TRON returns to a range-bound market in its medium-term outlook. The bulls had a nice journey to the north over the weekend with a breakout at $0.02541 the upper supply area of the range. TRXUSD rose to $0.02792 in the supply area due to increased bullish momentum. Exhaustion denoted by wicks in the candles occurred at the supply area which signals the bears presence.
The large bearish engulfing candle confirmed the bears’ takeover. TRXUSD dropped initially to $0.02342 and later to $0.02271 in the demand area.This was a break down in the lower demand area but the candle closed as long-tailed bullish within the range.
The price yaiis below the two EMAs crossover with the stochastic oscillator signal undefined at 31% as the cryptocurrency continues ranging in the medium-term.
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: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The bearish candle formed at $0.02737 after the doji signaled the bears returned as TRXUSD dropped to at $0.02663. Increased bear pressure led to a further drop to $0.02342 in the demand area with a low of the day at $0.02271.
The price rose to at $0.02493 shortly after today’s opening but dropped to at $0.02417 in the demand area below the 10-EMA. This implies that the minor upward movement was a market correction to confirm the continuation of the downtrend by the bears.
A retest of yesterday’s low at $0.02271 in the demand area and a subsequent breakdown to a lower low of the day may occur in the short-term.
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