TRX/USD Medium-term Trend: Ranging
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON’s TRX is in a range-bound trend in its medium-term outlook. The breakout to $0.02550 in the supply area occurred due to bullish pressure. The crypto’s subsequent drop to $0.02251 shows there’s also a lot of pressure on the bears’ side, meaning the crypto is trading within a range.
Despite a bullish 4-hour opening at $0.02300, TRX’s price is still below its EMAs, which indicates the sellers’ presence and the notable downward momentum that may occur in a medium time frame.
TRX is currently ranging between $0.02449 and $0.02251. A breakout or a breakdown may occur and as such traders should be patient before entering a position.
TRX/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. With a drop to $0.02281 from an inverted hammer at $0.02550 in the supply area, the bears temporarily lost momentum in today’s trading session.
A bull-led correction saw TRX move to $0.0241 in the supply area, around the 50-fib area. Another push above it may occur which could form a double-top, leading to the downtrend’s continuation. A retest of $0.02238 in the demand area is on the horizon.