TRX/USD Long-term Trend: Ranging

Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600

Tron long-term outlook continues a range-bond market. The bullish pressure was strong within the week as TRXUSD rose to $0.02969 in the supply area on 4th February. The momentum was lost as the candle closed back within the range.

The trading week ended as a bearish inverted hammer an indication that the bears' pressure may be sustained in the new trading week with TRXUSD already down to $0.02540 in the demand area after today’s opening session.

With price below the 10-EMA and the stochastic oscillator signal pointing up at 33%. It suggests a minor drawdown before upward movement within the range.

TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.

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