TRX/USD Medium-term Trend: Ranging
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON remains in a range-bound market in its medium-term outlook. The bulls had control of the market with the break at the 50-EMA as the market opens today at $0.02678. TRX was up at $0.02740 in the supply area before momentum loss with the bears return signaled by the doji formation as the price drops to $0.02703.
The price is around the two EMAs with the stochastic oscillator signal In the overbought region and its signal pointing down at 83%. It suggests downward momentum within the range may continue.
$0.02800 is the upper supply area while $0.02550 is the lower demand area of the range. Traders should be patient for a breakout at the upper range or a breakdown at the lower range before taking a position.
TRX/USD Short-term Trend: Ranging
The cryptocurrency continues in consolidation in its short-term outlook. $0.02710 in the supply area was the high while $0.02655 in the demand area was the low of yesterday’s session. The bulls had a brief control of the market as the market opens today as the price rose to $0.02740 in the supply area but the candle closed as a spinning top an indication of a reversal.
The 10-EMA was broken as the bears took control of the market as TRX drops to $0.02720 in the demand area within the range.
The stochastic oscillator signal points down at 55% and price lies below the 10-EMA. These imply further downward momentum in price.
TRXUSD is in consolidation and trading between $0.02740 in the upper supply area and at $0.02601 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
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