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. $0.02480 in the supply area was the high attained yesterday by the bulls while $0.02392 in the demand area was the low of the day due to the bears’ pressure. The bears remained in charge as today 4-hour opening session was a bearish spinning top at $0.02417 and TRXUSD already dropped to $0.02403.
The price is below the two EMAs and the stochastic oscillator signal points down at 31%. These suggest further downward momentum in price within the range in the medium-term.
TRXUSD is consolidation and trading between $0.02541 in the upper supply area and at $0.02362 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good bearish candlestick pattern as confirmation.
TRX/USD Short-term Trend: Ranging
The cryptocurrency remains in consolidation in its short-term outlook. The bears remained in control within the range as it pushed the price down to $0.02392 in the demand area with a minor bullish momentum to $0.02413 in the supply area before the end of the day.
The bearish momentum is still continuing despite a bullish 1-hour candle TRXUSD is down to $0.02380. The stochastic oscillator signal points down at 34% an indication of downward momentum in the short-term.
$0.02525 in the supply area is the upper price range while $0.02380 in the demand area is the lower price range. A breakout from the upper supply area or a breakdown from the lower demand area may occur hence patience is required for this to play out before taking a position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
