TRX/USD Medium-term Trend: Ranging
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON’s price is still in a range-bound trend. The cryptocurrency saw a high of $0.0248 before losing momentum, leading it to a $0.0238 low after the bears took over near the end of yesterday’s trading session.
Today’s 4-hour opening candle sustained the bullish pressure, seeing TRX’s price jump to $0.02460 in the supply area. With the Stochastic Oscillator’s signal pointing up at 63 and its price above the 10-day EMA, upward momentum is to be expected.
TRX is consolidating and trading between $0.025 in the upper area and at $0.0236 in the lower area of its range. A breakout may be considered for a long position after a retest while a breakdown be good for a short position.
TRX/USD Short-term Trend: Ranging
The cryptocurrency is in consolidation in its short-term outlook. The bears prevailed within the range and broke its two EMAs as TRX’s price dropped to $0.02380 in the demand area. After momentum was lost the bulls set the stage for their return, getting TRX up to $0.02438.
Today’s opening candle at $0.02428 was bullish and TRX went up to $0.024600. Its price is revolving around its EMAs and the Stochastic Oscillator is at 90, indicating upward momentum is to be expected in the near future.
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