TRX/USD Medium-term Trend: Ranging
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON remains in a range-bound market in its medium-term outlook The bears’ pressure was at $0.02464 in the demand area after the formation of a bullish gravestone – an indication of the bulls’ presence. TRXUSD was up at $0.02490 in the supply area before the end of yesterday session.
The bullish momentum was sustained after today’s opening with a break at the 10-EMA/ TRXUSD was up at $0.02560 in the supply area shortly after opening.
The stochastic oscillator signal points up at 28% an indication of upward momentum within the range.
TRXUSD is ranging and trading between $0.02800 in the upper supply area and at $0.02450 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence traders should be patient.
TRX/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The bearish pressure was lost at $0.02455 in the demand area. This was the low of the day as the bulls staged a return breaking the 10-EMA asTRXUSD rose to $0.02476 in the supply area.
The bullish momentum was sustained after today’s opening with increased momentum as the price was up to $0.02560 at the key supply area.
The bears brief return to $0.02467 in the demand area was a correction as the bulls may continue the journey up north to the key supply area.
The stochastic oscillator signal points up and the price is above the 10-EMA an indication of upward momentum in price in the short-term.
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