TRON (TRX) Price Analysis – April 11

  • The bulls remained in control of the short and medium-term outlook.
  • The drawdown was a correction to confirm bullish continuation.

Tron, TRXUSD,TRON chart by TradingView

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 briefly lost before the end of yesterday's session after the formation of an inverted hammer at $0.03054. TRX dropped to $0.02945 in the demand area before the end of the session.

The bearish momentum was sustained as market open today with a large engulfing candle pushing price to the 78.6 fib area, a trend reversal zone at $0.02629 in the demand area. Exhaustion dented by wicks in the candle gradually sets as the bulls returned to continue the upward price movement.

TRX is back up at $0.02791 in the supply area with increased bullish momentum a retest at $0.02983 in the supply area may occur in the medium-term.

TRX/USD Short-term Trend: Bullish

 Tron, TRXUSD,TRON chart by TradingView

The cryptocurrency is in the uptrend in its short-term outlook. The breakdown at the two EMAs returned the bears with an initial drop in price to $0.02895 in the demand area after today's opening. Increased bearish momentum pushed the price further down to $0.02629, a critical demand area.

A bounce is expected at this demanding area after a retest. The bears are currently pushing price down to this area. This will confirm the uptrend continuation.

With the stochastic oscillator signal pointing up at 23% an indication of upward momentum in price in the short-term.

 

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