Tron (TRX) Price Analysis – February 27

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Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Ranging                                

  • Supply zones: $0.04000, $0.05000, $0.06000
  • Demand zones: $0.01000, $0.00900, $0.00800

TRON continues in a range-bound market in its medium-term outlook. The bulls are much dominant within the range as the cryptocurrency continues recovery from the impulsive bearish move of 24th February. TRXUSD rose to $0.02495 yesterday but had a minor pullback to $0.02437 before the end of the day.

The formation of a bullish candle after today’s 4-hour doji at $0.02454 suggests the return of the bullish pressure with the price already up at $0.02480 in the supply area.

With the price above the 10-EMA and the stochastic oscillator signal points up at 73%, it implies upward momentum in price as the cryptocurrency continues in a  range-bound market in the medium-term.

TRXUSD is consolidation and trading between $0.02541 in the upper supply area and at $0.02362 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good bearish candlestick pattern as confirmation.

TRX/USD Short-term Trend: Ranging

 Tron, TRXUSD, Cryptocompare chartTron chart by tradingview  

The cryptocurrency is in consolidation in its short-term outlook. The struggle for dominace between the bulls and the bears within the range in the short-term continues. $0.02495 in the supply area was the high of yesterday while $0.02420 in the demand area was the low of the day.

Today’s opening candle was on the 10-EMA but no sustained momentum to define the tend excerpt a ranging scenario. The price revolves around the two EMAs and the stochastic oscillator signal points up, an indication that the bulls are dominating the range in the short-term.

$0.02550 in the supply area is the upper price range while  $0.02380 in the demand area is the lower price range. A breakout from the upper supply area or a breakdown from the lower demand area may occur hence patience is required for this to play out before taking a position.

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

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