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TRX / USD Medium-term Trend: Bullish
Supply zones: $ 0.02800, $ 0.02900, $ 0.03000
Demand zones: $ 0.01700, $ 0.01600, $ 0.01500
TRX continues in the bullish trend in its medium-term outlook. The inverted head and shoulder pattern of the 20th September analysis fully played out well breaking the initial target at $ 0.02200.
Price went further up to $ 0.02624 in the supply area due to increased bullish momentum. This was the area the bears' pressure dropped the cryptocurrency earlier in the month.
A pullback to 38.2 fib area occurred with price at $ 0.02245 in the demand area as the bears stage at comeback. This was short-lived when the bulls pushed back to $ 0.02394 in the supply area.
Price is above the 50 EMA and the within the 38.2 fib level. The pullback may continue to $ 0.02232 to form a double bottom before the bulls stage to strong comeback for uptrend continuation.
TRX / USD Short-term Trend: Ranging
The cryptocurrency is in consolidation in its short-term outlook. The bearish pressure from $ 0.02479 in the supply area kept below the two EMAs with the stochastic oscillator at 29% and the signal points down. This implies downward movement in price of the cryptocurrency with the range in the short-term.
TRX is ranging from $ 0.02500 in the upper supply area to $ 0.02250 in the lower demand area of the range. Patients should be exercised during the period and break at the lower area.
Do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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