TRX/USD Medium-term Trend: Bearish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON continues in a bearish trend in its medium-term outlook. The journey down south remains valid despite a brief bullish movement shortly after today’s opening. TRXUSD rose to $0.0233 in the supply area. This is the upper line of the downward channel. The inverted hammer formation denoted by wicks implied exhaustion.
The bears are back and as indicated by the exhaustion. The momentum to the downside is strong with the stochastic oscillator pointing down at 66%. The price is below the two EMAs. These imply strong bear pressure.
The lower line of the channel is the bears’ target in the medium-term with $0.02191 in the demand area as the target.
TRX/USD Short-term Trend: Ranging
The cryptocurrency is in a range-bound market in its short-term outlook. $0.02330 in the supply area was the high the cryptocurrency attained before the loss in momentum. The bears returned as signaled by the bearish spinning top.
Increased bear pressure dropped TRXUSD to $0.02240 in the demand area as the coin enters the range.
TRXUSD is in consolidation and trading between $0.02299 in the upper supply area and at $0.02229 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before taking a position.