Tron (TRX) Daily Price Forecast – November 8th

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. Strong bullish pressure of $ 0.02341 in the November 5 demand area was lost to $ 0.02508 in the supply area on November 7 after the formation of a long-tailed inverted candle bearish.

This marked a turnaround and bears actually reported a price decline initially to $ 0.02418 and subsequently to $ 0.02385 in the demand area. This was the low TRXUSD reached before the end of yesterday's session.

The 4-hour spark plug at $ 0.02414 was a long bear-hugging candle. This pushed TRXUSD further down to $ 0.02349 in the demand area earlier today.

TRXUSD gives a head and shoulder diagram. This shows that the right shoulder is currently forming as the bulls pull the price back. $ 0.024000 in the supply area can be retested before the bears make another return which will further lower the price of the cryptocurrency.

The stochastic oscillator is located in the oversold region at 17% and its low signal point suggesting a downward movement in prices due to bear pressure over the medium term.

Short-term trend TRX / USD: bearish

Cryptocurrency has a downward trend in its short-term prospects. The bullish pressure that pushed TRXUSD to $ 0.02508 in the supply area created the double upper formation that caused a downward movement in prices due to bear pressure.

$ 0.02385 in the demand area was the low cryptocurrency reached before the end of yesterday's session.

TRXUSD fell this morning to $ 0.02349 in the requested area due to the sustained downward pressure of the 1-hour spark plug.

The price is lower than the two EMA and the stochastic oscillator is located in the oversold region at 12% in a seller area. With more candles open and closed beneath the EMA crossover, the price of the cryptocurrency could continue south.

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