Tron (TRX) Price Analysis – February 6

  • The medium-term is in a range while the short-term is in a bearish trend.
  • Traders should be patient trading the consolidation.

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Ranging                                

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

TRON is in a range-bound market in its medium-term outlook. The bears kept the pressure up despite a brief bullish move that saw TRXUSD up at $0.02814 in the supply area shortly after yesterday opening session. The price later dropped to $0.0267 in the demand area.

The price was down to $0.02550 in the demand area shortly after today’s opening as the cryptocurrency enters into consolidation with the price below the two EMAs and the stochastic oscillator signal pointing down at 21%. It suggests that the bears may dominate the range in the medium-term.

TRXUSD is ranging and trading between $0.02831 in the upper supply area and at $0.02450 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before taking a position.

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. The bears remained in charge of the market with a break of the two EMAs at $0.02695. The price further closed at $0.02647 in the demand area.

The bears kept pressure up after opening as TRXUSD dropped to $0.02550 in the demand area before a momentum loss. Currently, a flag is being formed due to the bulls return. This should be seen as a pullback. The bears may return and continue the downward journey after the bullish exhaustion.

$0.02540 in the demand area is the initial bears target before the second target at $0.02450 as bearish momentum increases in the short term.

 

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