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 bearish momentum was strong with the close of yesterday candle an inverted hammer at $0.02700. Today’s 4-hour was a bearish engulfing candle as price dropped to $0.02616 in the demand area shortly after opening.
Price is below the two EMAs crossover and the stochastic oscillator signal pointing down at 17%. It suggests further downward momentum in price 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. The bears continue the journey down south within the range shortly after today’s 1-hour opening doji candle at $0.02698. The break of the two EMAs at $0.02695 further pushed price down to $0.02620 in the demand area.
A minor pullback to $0.02677 in the supply area occurred but rejection for continue upward movement is seen around the 10-EMA.
Price is below the two EMAs and this implies strong seller presence in the short-term coupled which is confirmed by the stochastic oscillator signal pointing down at 23%, an indication of 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.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
