TRX/USD Medium-term Trend: Bearish

Supply zones: $0.02500, $0.02600, $0.02700
Demand zones: $0.01000, $0.00900, $0.00800

TRX continues in a bearish trend in its medium-term outlook. The cryptocurrency is in a downward channel. The formation of a bearish inverted hammer at $0.1412 toward the end of yesterday session around the upper line of the of the channel form a strong confluence for the bears returns.

$0.1330 in the demand area was the initial point the bears' pressure dropped the cryptocurrency as it momentum gradually increases.

Price lies below the EMA crossover and the stochastic oscillator signal is pointing down a strong indication of downward momentum in price in the medium-term. $0.01220 at the lower line of the channel remains the bears' target.

The cryptocurrency is in a bearish trend in its short-term outlook. The bearish railroad formed after today’s opening at $0.01390 kept the bears in control as TRXUSD was down to $0.01334 in the demand area.

Increased momentum led to a further drop in price to $0.01330. This was a break after the fourth touch on the trendline.

Price is below the two EMAs crossover and the stochastic oscillator is in the oversold region at 19% and its signal points down. It implies downward momentum in price as the bears' pressure becomes much stronger in the short-term.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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