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TRX / USD Medium-term Trend: Bearish
Supply zones: $ 0.02800, $ 0.02900, $ 0.03000
Demand zones: $ 0.01700, $ 0.01600, $ 0.01500
TRX is a bearish trend in its medium-term outlook. The bears maintained the downward movement from $ 0.02480 in the supply area as the cryptocurrency dropped to $ 0.02013 in the demand area.
The bullish railroad in this demand area brought the bulls back to the market. The bullish momentum resulted in TRX up to $ 0.02200 in the supply area. Further price upward movement was rejected as the bears stage at comeback.
The bearish railroad formation confirmed the bears' return. Price was down to $ 0.02060 in the demand area earlier today.
The Fibonacci tools show the bullish pullback was rejected at the 38.2 fib level at trend continuation zone and therefore the bears' strong comeback to continue the journey down south.
TRX / USD Short-term Trend: Ranging
The cryptocurrency is a consolidation in its short-term outlook. The Bullish momentum was weak at $ 0.0220 as an abandoned baby bearish reversal candle was formed in the supply area. The bears pushed down to $ 0.02060 in the demand area as the coin ranges.
TRX is ranging from $ 0.02196 in the upper supply area to $ 0.01979 in the lower demand area of the range. Patient should be exercised during a period of breakdown at the lower area.
Do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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