Tron (TRX) Daily Price Forecast – 7 January

TRX / USD Medium-term trend: bullish

Supply Zones: $ 0.04000, $ 0.05000, $ 0.06000
Application areas: $ 0.01000, $ 0.00900, $ 0.00800

TRX has a bullish trend in its medium-term prospects. The $ 0.02168 breakout in the upper supply area on January 4 was the start of the trip to the north, as the bulls maintained pressure over the weekend.

Initially, the TRXUSD rose to $ 0.02259 and subsequently to $ 0.02425 in the supply area on January 5, which was the maximum over the weekend.

The price is within the fib area at 23.6 and above the two EMAs that are fanned out, which implies strength in the context of the trend and in this case the upward trend.

The signal of the stochastic oscillator lies at 70% in the overbought region with its slightly lowered signal indicating the current pullback that is necessary for market correction in the medium term before the continuation of the uptrend that may change direction the top when more candles are formed and close over the two EMAs due to the bullish pressure.

Short-term trend TRX / USD: bullish

TRX continues in an uptrend in its short-term outlook. The cryptocurrency is in an ascending channel. After the bullish pressure that saw TRXUSD increase by $ 0.02425 in the supply area on January 5, the bears returned due to the formation of the inverted hammer on the upper line of the channel.

The 50-EMAs strongly supported the rejection of further downward movements when the bulls returned with TRXUSD pushed up to $ 0.02410 in the refueling area before the end of yesterday's session. The price is between the two EMAs at $ 0.02330 with the possibility of two scenarios as the downward pressure increases.

The first is a push to the 50-EMA and the bulls register a return or a small downward push in the bottom line of the channel, then the bullish return, since the overall perspective remains bullish. The signal from the stochastic oscillator is pointing at 60%, which also implies an upward pressure on the short-term price.

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