Tron, TRXUSD,TRON chart by TradingView

TRX/USD Medium-term Trend: Ranging                                

  • Supply zones: $0.04000, $0.05000, $0.06000
  • Demand zones: $0.01000, $0.00900, $0.00800

TRON’s TRX is in a range-bound trend in its medium-term outlook. The breakout to $0.02550 in the supply area occurred due to bullish pressure. The crypto’s subsequent drop to $0.02251 shows there’s also a lot of pressure on the bears’ side, meaning the crypto is trading within a range.

Despite a bullish 4-hour opening at $0.02300, TRX’s price is still below its EMAs, which indicates the sellers’ presence and the notable downward momentum that may occur in a medium time frame.

TRX is currently ranging between $0.02449 and $0.02251. A breakout or a breakdown may occur and as such traders should be patient before entering a position.

TRX/USD Short-term Trend: Bearish

  Tron, TRXUSD,TRON chart by TradingView

The cryptocurrency is in a bearish trend in its short-term outlook. With a drop to $0.02281 from an inverted hammer at $0.02550 in the supply area, the bears temporarily lost momentum in today’s trading session.

A bull-led correction saw TRX move to $0.0241 in the supply area, around the 50-fib area. Another push above it may occur which could form a double-top, leading to the downtrend’s continuation. A retest of $0.02238 in the demand area is on the horizon.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.