TRX/USD Medium-term Trend: Ranging
- The short-term outlook is in the uptrend while the medium-term outlook is in consolidation.
- Traders may look to buy at the pullback with a bullish reversal candlestick as confirmation.
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON is in a range-bound market in its medium-term outlook. The bears’ pressure was weakening at $0.02569 in the demand area within the range on 12th April, with candles closing with wicks at the area. The weekend saw the bulls make a gradual return with a bullish doji formation as TRX rose to $0.02658 in the supply area breaking the two EMAs before the close of yesterday’s session.
With the bullish spinning-top formed at $0.02710 after today’s opening session, the bullish pressure may be sustained within the range with price already up at $0.02772. This was further confirmed with the signal of the stochastic oscillator pointing up at 78%.
$0.02800 is the upper supply area while $0.02547 is the lower demand area of the range. Traders should be patient for a breakout at the upper range or a breakdown at the lower range before taking a position.
TRX/USD Short-term Trend: Bullish
The cryptocurrency is in the uptrend in its short-term outlook. The bulls showed signs of a return yesterday with the formation of a bullish marubozu candle at $0.02616.The momentum was sustained with the break at the two EMAs. Today’s bullish 1-hour opening candle at $0.02712 further confirmed the bulls’ takeover with the price at $0.03030 in the supply area.
The stochastic oscillator signal points up at 72% and the price is above the two EMAs an indication of upward continuation in price momentum in the short-term.