TRX/USD Medium-term Trend: Ranging

Supply zones: $0.03000, $0.04000, $0.04500
Demand zones: $0.01000, $0.00900, $0.00800

TRX continues in a range-bound market in its medium-term outlook. The bearish spinning top at $0.01809 in the demand area on 28th December was an indication of the bulls return after a bearish run from $0.01860 in the supply area that started on 26th December.

TXRUSD rose to $0.02959 in the supply area and lost momentum. The bearish doji at $0.02116 followed by a bearish candle at $0.02140 confirmed the bears take over of the market as TRXUSD initially dropped to $0.02001 and later to $0.01990.

Price is between the two EMAs a sign of consolidation and the stochastic oscillator is in the oversold region. These suggest downward momentum in price within the range.

TRXUSD is ranging and trading between $0.02168 in the upper supply area and at $0.01901 in the lower demand area of the range. Traders should be patient for a breakout at the upper supply area for buy opportunities or breakdown at the lower demand area for sell opportunities in the medium-term outlook.

TRX continues in a bearish trend in its short-term outlook. The rejection of upward price movement at $0.02150 in the key supply area was an indication of strong bearish pressure in the short-term.

Despite a bullish 1-hour opening at $0.02037 that pushed the cryptocurrency up at $0.02066 in the supply area, the bears returned and pushed price down. $0.01994 in the demand area was the current low the bear dropped TRXUSD with a strong indication of further drop before the end of the session.

The stochastic oscillator signal points down at 6% in the oversold region and the price below the two EMAs. These indicate further downward movement in the cryptocurrency with $0.01827 in the demand area a possible target.

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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