TRX/USD Medium-term Trend: Bullish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON remained in the bullish trend in its medium-term outlook. The bullish pressure was briefly lost before the end of yesterday’s session after the formation of an inverted hammer at $0.03054. TRX dropped to $0.02945 in the demand area before the end of the session.
The bearish momentum was sustained as market open today with a large engulfing candle pushing price to the 78.6 fib area, a trend reversal zone at $0.02629 in the demand area. Exhaustion dented by wicks in the candle gradually sets as the bulls returned to continue the upward price movement.
TRX is back up at $0.02791 in the supply area with increased bullish momentum a retest at $0.02983 in the supply area may occur in the medium-term.
TRX/USD Short-term Trend: Bullish
The cryptocurrency is in the uptrend in its short-term outlook. The breakdown at the two EMAs returned the bears with an initial drop in price to $0.02895 in the demand area after today’s opening. Increased bearish momentum pushed the price further down to $0.02629, a critical demand area.
A bounce is expected at this demanding area after a retest. The bears are currently pushing price down to this area. This will confirm the uptrend continuation.
With the stochastic oscillator signal pointing up at 23% an indication of upward momentum in price in the short-term.