TRX/USD Medium-term Trend: Bearish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON is in a bearish trend in its medium-term outlook. The correction to the bearish impulsive move ended at the 61.8 another trend reversal zone as the bulls pushed the pass the 50.0 fib area. TRXUSD rose to $0.02380 in the supply area after the large bullish engulfing candle broke the 50.fib area.
Today’s session opens on a bearish note at $0.02357 with a large bearish candle. TRXUSD was down to $0.02217 in the demand area as the bears return.
With the stochastic oscillator signal which pointing down at 81% in the overbought region this implies a downward momentum in price as the bearish pressure becomes strong and more candle open and closed below the EMAs in the medium-term.
A break at the 38.2 fib area ($0.02318 ) will open the door for a retest of $0.02218 in the demand area.
TRX/USD Short-term Trend: Ranging
TRON chart by TradingView
The cryptocurrency continues in a range-bound market in its short-term outlook. The strong bullish pressure was sustained throughout yesterday’s session with several touches at the upper supply area of the range. A breakout occurred with a push of price up at $0.02377 in the supply area before the end of the day.
Rejection of uptrend continuation occurred shortly after today’s opening at $0.02380 as the bullish momentum was lost. TRXUSD returned back in the range due to the bears’ control of the market which was confirmed by the break of the 10-EMA.
The price is already down to $0.02324 in the demand area and the stochastic oscillator signal points down at 22% an indication of downward momentum in price within the range.
$0.02356 in the supply area is the upper price range while $0.02218 in the demand area is the lower price range. A breakout from the upper supply area or a breakdown from the lower demand area may occur hence patience is required for this to play out before taking a position.