TRX/USD Medium-term Trend: Ranging
Supply zones: $0.04000, $0.05000, $0.06000
Demand zones: $0.01000, $0.00900, $0.00800
TRON remain in a range-bound market in its medium-term outlook $0.02800 in the supply area was retested by the bulls on 9th February as they dominate the weekend trading activities. Exhaustion to the bullish momentum was noticed as the candle closed with a wick.
The bears returned was signaled by the bearish marubozu candle at $0.02767 and confirmation occurs after the breakdown at the two EMAs crossover. TRXUSD dropped to $0.02540 yesterday and later to $0.02448 in the demand area today as it continues in the range.
TRXUSD is ranging and trading between $0.02800 in the upper supply area and at $0.02450 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence traders should be patience.
TRX/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The double top formation at $0.02658 in the supply area led to the cryptocurrency down at $0.02448 in the demand area due to the bears’ strong pressure.
Despite a large bearish marubozu candle, the bears’ pressure was weak and downward continuation was short-lived as the bulls took over the market.
The stochastic oscillator signal points up an indication of an upward momentum at 37% with price around the 10-EMA.
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