TRX/USD Medium-term Trend: Bearish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON remains in a bearish trend in its medium-term outlook. The bullish pressure was sustained after a brief drop to $0.02330 in the demand area yesterday. $0.02380 in the supply area was the high of the day as the market closes on a bullish note.
The bullish pressure remained strong after today 4-hour opening bullish candle at $0.02355 with a push of price to $0.02407 in the supply area.
TRX structure is a head and shoulder pattern in the medium-term with the right shoulder developing. The overall bullish pressure is a correction to the bearish impulsive move that dropped TRXUSD to $0.02380 on 26th March.
Exhaustion in the bullish momentum is setting in as denoted by the wick in the candle at the supply area. This implies bears return is imminent for a push to the downside. The neckline of the head and shoulder at $0.02249 is the initial target while $0.02200 may be another take profit area.
TRX/USD Short-term Trend: Bearish
TRON chart by TradingView
The cryptocurrency is in a downtrend in its short-term outlook. The strong bullish pressure was rejected twice for upward continuation at $0.02380 in the supply area leading to wicks formation. This created the double top formation that favour the bears return in the short-term.
The journey down south may be confirmed by a large bearish candle that will first break the 10-EMA and later the 50-EMA. Traders should wait for the confirmation before taking the sell position in the market in the short-term.
$0.02220 in the demand area is on the card as the bearish momentum resumes.