Tron (TRX) Price Analysis – February 4

  • The bears are in control of the medium and short-term outlook.
  • Traders may consider selling at key areas with bearish reversal candle as confirmation.

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Bearish                                 

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

TRON continues in a bearish trend in its medium-term outlook. The bullish pressure from the long-tail candle pushed the price up to the 38.2 fib area as predicted. TRXUSD was up at $0.02699  in the supply area before exhaustion as the candle closed with a wick.

$0.02540 in the demand area was the low attained over the weekend due to the bears activities.  Today’s 4-hour opening candle is bearish at $0.02575 with TRXUSD currently down to $0.02555 in the demand area.

The price is below the two EMAs and heading toward the 0 fib area at $0.02451 in the demand area. The journey down south is further confirmed by the stochastic oscillator pointing down in the oversold region at 10%.

TRX/USD Short-term Trend: Bearish

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

 The cryptocurrency is in a bearish trend in its short-term outlook. TRXUSD is in a descending channel in the short-term with the bears currently in control of the market.

The lower line of the channel is the target as momentum to the downside increases.

The 1-hour opening candle at $0.02580 sustained the bearish pressure as TRXUSD dropped to $0.02556 in the demand area shortly after opening.

The price is below the two EMAs with the 10-EMAs acting as strong resistance against upward price movement. The stochastic oscillator is pointing down at 19% in the oversold region. This suggests downward momentum in the price of the cryptocurrency. As pressure to the downside becomes strong new low at the low line of the channel may be attained. 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.