Tron (TRX) Price Analysis – February 8

  • The medium-term and short-term outlook are in consolidation.
  • Patience is key at this point for a breakout or a breakdown to occur.

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 remains in consolidation in its medium-term outlook. The bullish pressure was weak at $0.02550 in the supply area shortly after yesterday's opening. Exhaustion denoted by the wick at the 50-EMA which serve as strong resistance to the upward movement led to the bears' return.

TRXUSD low of the day was $0.02550 as the day ended a bearish marubozu but with low momentum as seen in the size of the candle.

The bullish doji formed as today’s session opened suggests the bulls are back. The stochastic oscillator point up at 36%and  price is currently up at $0.02601  around the 10-EMA. It suggests that momentum to the upside may occur within the range.

TRXUSD is ranging and trading between $0.02800 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 patient.

TRX/USD Short-term Trend: Ranging

 Tron, TRXUSDTron chart by tradingview

 he cryptocurrency is in consolidation in its short-term outlook. After a smooth ride to $0.02685 in the supply area, the bulls lost momentum with the candle closing below the upper price area of the range.

The bears managed a push of TRXUSD down to $0.02584 in the demand area this morning before rejection of further downward price movement within the range as the bulls stage a comeback.

The stochastic oscillator signal points up at 58% and the price is above the 10-EMA which suggests some upward momentum within the range.

$0.02651 is the upper supply price area while $0.02570 is the lower demand area while the cryptocurrency ranges in the short-term.

 

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