TRX/USD Medium-term Trend: Bullish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON is in the uptrend in its medium-term outlook. The upper supply area of the range at $0.02420 was broken with a large engulfing candle as price rose initially to $0.02462 and later to $0.02741 in the supply area closing as a bullish spinning top before the end of yesterday session.
The bullish momentum was sustained at today’s 4-hour opening candle at $0.02671. TRXUSD rose to $0.02950 shortly after today’s opening. A brief pullback which is a correction is currently ongoing with the price down to $0.02700 in the demand area with a rejection of further downward movement around the 10-EMA.
The two EMAs are fanned apart which connotes strength in the context of the trend and in this case the uptrend. With the stochastic oscillator signal pointing up in the overbought region at 89% and the price above the two EMAs, these suggest further continuation in upward momentum in price in the medium-term.
TRX/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. $0.02407 at the upper supply area was nicely broken due to the strong bullish pressure within the range and kept the price above the two EMAs. Today’s opening candle was a bullish doji followed by a large bullish candle as TRX jumped to $0.02950 in the supply area.
The stochastic oscillator signal points up at 52% while the price remains above the two EMA an indication of upward momentum in the short-term.
$0.03000 in the supply area is on the horizon as the bullish pressure becomes strong and more candles open and close above the two EMAs.