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.
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