TRX/USD Medium-term Trend:Ranging
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON back in a range-bound market in its medium-term outlook. The strong bullish pressure was sustained over the weekend as TRXUSD made a high at $0.02424 in the supply area with a low at $0.02325 in the demand area.
Today’s 4-hour opening candle at $0.02387 is bullish with a brief rise to $0.02391 above the two EMAs before the brief momentum loss as it ranges.
With the stochastic oscillator signal pointing up at 89% and the price above the two EMAs, these suggest an upward momentum in price within the range in the medium term.
TRXUSD is in consolidation and trading between $0.02420 in the upper supply area and at $0.02240 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taken.
TRX/USD Short-term Trend: Ranging
The cryptocurrency is in consolidation in its short-term outlook. The bullish marubozu candle formed at $0.02340 shortly after yesterday’s opening session signaled the bulls return within the range for a push toward the supply area. $0.02391 was the high yesterday.
The bullish momentum was sustained after today’s’ opening with the cryptocurrency up at $0.02406 in the supply area above the two EMAs.
The stochastic oscillator signal points up while the price remains above the two EMA an indication of bullish continuation within the range in the short-term.
$0.02407 is the upper supply area while $0.02333 in the lower demand area of the range. A breakout r a breakdown is imminent hence patience is needed before a position is taken.