in ,

TRON (TRX) Price Analysis – March 28

TRON chart by TradingView

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.

What do you think?

345 points
Upvote Downvote

Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

Token creation taking place on top of the Bitcoin Cash

XRP Price Analysis – March 28