Supply zones: $0.04000, $0.05000, $0.06000
Demand zones: $0.01000, $0.00900, $0.00800

TRX is in a range-bound market in its medium-term outlook. Despite a bearish opening yesterday at $0.02467 the bulls gathered enough momentum for a move to the upside.

TRXUSD was up at $0.02573 in the supply area, above the two EMAs. The momentum was lost before the end of the day as the bears dropped the cryptocurrency to $0.02490 in the demand area.

The bears sustained the momentum when the market opened today. The large bearish candle broke the two EMAs and pushed price down to $0.02430 in the demand area as TRXUSD consolidates in the medium-term.

$0.02610 in the supply area remains the upper price range while $0.02338 in the demand area is the lower price range. A breakout from the upper range may be considered a buy while a breakdown at the lower range may be considered for a sell after a retest.

TRX is in a range-bound market in its short-term outlook. The bullish pressure from yesterday opening was sustained as TRXUSD was pushed up to $0.02573 in the supply area before it began to weaken due to exhaustion.

The bears returned before the end of yesterday session after the bearish spinning top formation. TRXUSD dropped to $0.02430 in the demand area shortly after today’s opening.
The bulls and the bears are still in contention for dominance as price hovers around the two EMAs and the stochastic oscillator signal is parallel at 28%.

TRXUSD is in consolidation and trading between $0.02600 in the upper supply area and at $0.02380 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 a position is taken.

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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