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. $0.02247 in the demand area was the initial push from the upper line of the channel before the loss in momentum as the bulls staged a return which was confirmed by the bullish spinning top. TRXUSD rose to $0.02303 retesting the upper line of the channel as the session opened today.
Rejection at this supply area coupled with the doji formation returned the bears. TRXUSD is dropped in price to $0.02333 in the demand area as the journey down south remains valid with price below the two EMAs.
The lower line of the channel is the bears’ target in the medium-term with $0.02191 in the demand area as the target.
TRX/USD Short-term Trend: Ranging
The cryptocurrency continues in a range-bound market in its short-term outlook. The bulls momentum from yesterday pullback was lost at $0.02300 in the upper supply shortly after today’s opening.
The supply area was retested twice before the bears returned. The break of the two EMAs further confirms the bears’ control of the range in the short-term.
TRXUSD is down to $0.02279 in the demand area. The momentum downside is strong with the stochastic oscillator signal pointing down at 43% and the price stays below the two EMAs.
TRXUSD is in consolidation and trading between $0.02299 in the upper supply area and at $0.02229 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest 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.
