TRX/USD Medium-term Trend: Bullish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON remain in the uptrend in its medium-term outlook. The bullish pressure weakens at $0.02950 in the supply area as the candle closed with the wick, an indication of exhaustion. The bears mounted strong pressure as reflected in the deep retracement to 61.8 fib area, a trend reversal zone. TRX dropped to $0.02460 in the demand area late yesterday.
TRX is back up at $0.02675 in the supply area shortly after today’s opening session an indication that the bulls are gradually staging a comeback.
The price is above the 50-EMA an indication of bullish presence. The stochastic oscillator signal points down at 2%. This implies a divergence. This suggests a brief drawdown may occur before upward continuation.
$0.02950 in the supply area may be retested as the bullish momentum increases and more candles open and closed above the two EMAs in the medium-term.
TRX/USD Short-term Trend: Bullish
TRON chart by TradingView
The cryptocurrency is in a bullish trend in its short-term outlook. The consequence of the double top formation at $0.02900 in the supply area yesterday was the drop in price of the cryptocurrency. TRX was down to $0.02460 in the demand area due to the bears’ pressure.
The candle closed as a hammer with the wick an indication of exhaustion as the bulls stage a return.
The stochastic oscillator signal points up at 46% an indication of upward momentum in the short-term. A breakout at the two EMAs is imminent as the bullish pressure becomes strong in the short-term.