TRX/USD Medium-term Trend: Bearish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON continues in a downtrend in its medium-term outlook. The bearish impulse move to the downside dropped TRX to $0.02300 in the demand area. This corrective move currently ongoing puts the cryptocurrency in a brief consolidation. This is necessary for market correction and to confirm the downtrend continuation.
Today’s 4-hour opening candle at $0.02360 closed as an inverted hammer an indication that the bears are back as price drops to $0.02539 in the demand area.
The price is below the two EMAs crossover an indication of more sellers presence. With the signal of the stochastic oscillator down at 14% in the oversold region. It suggests further downward movement in the price of the cryptocurrency as the bears’ pressure becomes strong in the medium-term.
$0.02150 in the demand may be a target for the bears.
TRX/USD Short-term Trend: Bearish
The cryptocurrency remains in a bearish trend in its short-term outlook. With the low of the day at $0.02300 in the demand area during yesterday’s session, the bears remained in control despite a bullish opening candle at $0.02330 earlier today.
The formation of a bearish marubozu candle at $0.02370 signaled the bear return as the price drops to at $0.02314 below the 10-EMA.
The signal of the stochastic oscillator points down at 38% with the price below the two EMAs. This implies downward momentum in price with TRX at $0.02225 in the demand area as an initial target.