TRX/USD Medium-term Trend: Bullish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON remained in the bullish trend in its medium-term outlook. The bullish pressure was strong with the predicted target at $0.03000 attained on 8th April breaking the previous high at $0.02983. Increased momentum pushed the price to $0.02658 in the supply area.
This was the high of the day as exhaustion sets in. This created a bullish flag as TRX dropped to $0.02915 in the demand area shortly after today’s opening. The flag is a correction necessary to confirm the uptrend continuation.
The price is above the two EMAs that are fanned apart an indication of strength in trend and in this case the uptrend. Moreover, the stochastic oscillator signal points up at 65% which suggests upward momentum in price in the medium-term.
The 1.618 fib extension at $0.03232 in the supply area may be retested by the bulls as the pressure becomes stronger.
TRX/USD Short-term Trend: Bullish
The cryptocurrency is in the uptrend in its short-term outlook. Despite a bearish 1-hour opening candle at $0.03030, the bulls staged a return and kept the price above the two EMAs. TRX rose to $0.03070 in the supply area.
The stochastic oscillator signal points up at 72% and the price is above the two EMAs an indication of upward momentum in price of the cryptocurrency.
$0.3200 in the supply area is the bulls target in the short-term.
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