TRX/USD Medium-term Trend: Bullish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON continues in the bullish trend in its medium-term outlook. $0.02730 in the supply area was attained as the bulls continue to make new highs every day. Yesterday’s session saw the strong bullish pressure pushed price up to $0.0295 in the supply area, the high of the day before exhaustion sets in. TRX was at this area over two months ago, on 4th February.
Correction to the bullish impulsive movement dropped at $0.02788 in the demand area. The 10-EMA acted as support for the bulls returned. The price rose to $0.02965 in the supply area before the end of the session.
Although today’s 4-hour opening candle at $0.02921 was a bearish candle with a drawdown to $0.02840 in the demand area above the 10-EMA, this suggests that the bullish pressure remained strong as price stays above the two EMAs.
The stochastic oscillator signal points up at 76% an indication of upward momentum in price in the medium-term with a target at $0.03000 in the supply area.
TRX/USD Short-term Trend: Bullish
The cryptocurrency remains in the uptrend in its short-term outlook. The bears lost momentum as the price touched the trendline at $0.02658 in the demand area yesterday.The break of the two EMA at $0.02690 signaled the bulls returned and confirmation with the engulfing candle at $0.02700. TRX rose to $0.02983 in the supply area before the end of the session.
The bulls remained in control but pull back to the trend line or the 50-EMA may occur before uptrend continuation in the short-term. This is also confirmed by the stochastic oscillator signal pointing down at 44% and the price is below the 10-EMA, an indication of downward momentum in price.
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