Tron price analysis (TRX) – 9 November


TRX, TRXUSD, Cryptocompare graphTron Chart of TradingView

Medium-term TRX / USD trend: bearish

Supply areas: $ 0.02800, $ 0.02900, $ 0.03000
Required areas: $ 0.01700, $ 0.01600, $ 0.01500

TRX remains in a bearish trend in its medium-term outlook. The withdrawal of the bulls after the 50-EMA break pushed TRXUSD to $ 0.02397 in the supply area. A further upward movement was rejected by the 10-EMA which served as a strong resistance. The formation of a bearish pinbar around the resistance area was a good confluence for bear acquisition. The strong downward pressure ensured the achievement of the level of fib 50.0 expected in yesterday's analysis. $ 0.02311 in the demand area was low yesterday.

The 4-hour opening candle at $ 0.02320 closes like a bullish top. This implies that a bullish withdrawal may occur, but it is necessary to correct the market before a downward trend.

The price is lower than the two EMAs around the 50.0 fib level, the stochastic oscillator is located in the oversold region at 8% and its downward signal point suggesting a downward movement in prices because of bear pressure in the medium term.

61.8 The level of fib is still on the cards and this can be achieved when the bears increase their momentum as they travel south.

Short-term trend TRX / USD: bearish

TRX, TRXUSD, Cryptocompare graphTron Chart of TradingView

The cryptocurrency continues in a bearish trend in its short-term prospects. The strong pressure of the bear supported the race to the south with a new low at $ 0.02317 in the area of ​​demand late yesterday. The bulls' efforts for a return have been rejected by the 10th or 50th EMA as a resistance against the upward price movement.

$ 0.023121 in the demand area was retested at the start of today, while the journey south continues.

The price is the creation of a low and low and lower scenario that are unique characteristics of a downtrend market. EMAs are fan-separated which characterize strength in the context of the trend.

The stochastic oscillator in the oversold region at 13%, sellers area, therefore, bears can increase the downward momentum in the short term with $ 0.02240 in the demand area as the initial goal.

The opinions and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your research.

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