TRX/USD Medium-term Trend: Bearish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON remains in a bearish trend in its medium-term outlook. The bearish pressure continued to mount on as TRXUSD made a low at $0.02290 in the demand area yesterday. A minor pullback necessary for the market correction pushed the cryptocurrency up at $0.02335 in the upper supply area closing the day as a doji candle.
The bears returned as the market opens today with a bearish candle at $0.02320. Increased momentum led to TRXUSD dropping to $0.02298 in the demand area shortly after opening.
The 23.6 fib area, a trend continuation zone is the next bears’ target as the bears increased their momentum down south.
TRX/USD Short-term Trend: Bearish
The cryptocurrency is a bearish trend in its short-term outlook. The cryptocurrency is in a downward channel with the bulls pushing the price to the upper line of the channel. The bullish pressure was strong at $0.02290 in the demand area of yesterday session and at $0.02298 in the demand area after today’s opening.The bullish pressure may continue up until $0.02363 in the upper line of the channel before exhaustion and subsequent bears return for an overall journey to $0.02280 at the lower line of the channel.
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