Tron (TRX) Price Analysis – February 7

  • The medium and short-term outlook is in consolidation.
  • Traders should be patient for a well-defined trend before taking a position.

Tron, TRXUSDTron 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 continues in a range-bound market in its medium-term outlook. The bears lost momentum after a drop in price to $0.02550 in the demand area. This gave the bulls opportunity to push  TRXUSD to $0.02688 in the supply area as the high of the day.

A large bullish engulfing candle pushed the cryptocurrency up at $0.02699  in the supply area as it enters the range.

The bullish 4-hour opening candle at $0.02587 sustained the bull pressure within the range as TRXUSD was up at $0.02684 in the supply area within the range shortly after opening.

With the stochastic oscillator signal pointing up at 24%. It suggests that the bulls 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 traders should be patience.

TRX/USD Short-term Trend: Ranging

Tron, TRXUSDTron chart by tradingview

The cryptocurrency is in a range-bound market in its short-term outlook. $0.02550 in the demand area was the low of the day and $0.02688 in the supply area is the high attained yesterday.

TRXUSD was up at $0.02685 in the supply area shortly after opening as the cryptocurrency ranges. The price is within the two EMAs and the stochastic oscillator signal pints up at 48%. These suggest upward momentum in price within the range the short-term.

TRXUSD is in consolidation and trading between $0.02750 in the upper supply area and at $0.02540 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.

 

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