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 is a range-bond market. The formation of a daily inverted hammer on 27th January signaled bullish exhaustion at $0.03122 in the supply area. The bears' pressure returned the cryptocurrency back to the range after the large bearish candle of 28th January that dropped TRXUSD to $0.02544 in the demand area.

Retracement via the bullish pressure was weak could only manage a push up to $0.02850 in the supply before the bears returned again and continue the journey down to the lower line of the range.

With price below the two EMAs and the stochastic oscillator in the overbought region at 40% and its signal pointing down it suggests a downward momentum in price within the range in the coming days.

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.

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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