Tron (TRX) Daily Price Forecast – 29 October

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Medium-term TRX / USD trend: bearish

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

TRX is in a bearish trend in its medium-term perspective. The bulls had a slight retracement with the cryptocurrency of up to $ 0.02380 in the area requested on October 27, but were rejected at the 50-EMA. The return of the bears was signaled by the inverted hammer, but full confirmation occurred on October 27, when a large marubozu bearish candle formed by TRXUSD fell to $ 0.02339 in the demand area.

The bulls gradually return while the inversion candle pattern has formed around the demand area. TRXUSD rose to $ 0.02365 in the supply area above 10-EMA. These calls are necessary for the correction of the market before the continuation of the downward trend.

Bears made a strong comeback with a bearish marubuzo at $ 0.02352 with TRXUSD initially dropped to $ 0.02293. The next candle sustained the downward momentum while the cryptocurrency dropped further to 2180 in the demand area.

With the candles open and closed below the EMA, $ 0.02101 in the demand area can be retested by the bears in the medium term.

Short-term trend TRX / USD: bearish

Cryptocurrency has a downward trend in its short-term prospects. After the TRXUSD returned $ 0.02397 in the supply on October 27th, the depletion stabilized due to the loss of the bullish momentum.

Furthermore, a rejection occurred in the upper line of the descending channel. The same contact on the line above $ 0.02364 in the supply area of ​​the downward channel occurred today after the opening.

The bears' return was much stronger when the price fell to $ 0.02180 in the demand area at the bottom of the channel.

There may be a slight uptrend that is supported by the 26% stochastic oscillator with the upside-down signal that implies an upward movement in price, but this may be short because the pressure of the Bear remains strong for the continuation of the downward trend.

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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