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 remains in bullish trend in its medium-term outlook. The bears’ pressure on price from the stochastic oscillator divergence of yesterday analysis pushed the price down to $0.02521 in the demand area.

Exhaustion of the bearish momentum denoted by the wick in the candle occurred at this area. The was also around the 50-EMA, strong support for upward price movement  Consequently price was pushed beyond the 50.0 fib area late yesterday as the bulls establish dominance.

The bullish momentum was sustained at today’s’ opening with a large engulfing candle at $0.02300. TRX shot up to $0.02773 in the supply area shortly after opening.

With the stochastic oscillator signal pointing up at 47% and price above the two EMAs, these indicate upward momentum in price of the cryptocurrency in the medium-term.

TRX/USD Short-term Trend: Bullish

Tron, TRXUSD,TRON chart by TradingView

The cryptocurrency is in an uptrend in its short-term outlook. The formation of a double bottom from yesterday’s drawdown by the bears at $0.02521 in the demand area returned the bulls. Confirmation to the bulls takeover occurred at the breakout of the two EMAs after today’s opening at $0.02662.

The journey to $0.02950 in the supply area is on the card. With the price above the two EMAs crossover and the stochastic oscillator signal pointing up at 81% in the overbought region, an indication of further upward price movement in the short-term.

 

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