Tron (TRX) Price Analysis – February 28

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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’s price is still in a range-bound trend. The cryptocurrency saw a high of $0.0248 before losing momentum, leading it to a $0.0238 low after the bears took over near the end of yesterday’s trading session.

Today’s 4-hour opening candle sustained the bullish pressure, seeing TRX’s price jump to $0.02460 in the supply area.  With the Stochastic Oscillator’s signal pointing up at 63 and its price above the 10-day EMA, upward momentum is to be expected.

TRX is consolidating and trading between $0.025 in the upper area and at $0.0236 in the lower area of its range. A breakout may be considered for a long position after a retest while a breakdown be good for a short position.

TRX/USD Short-term Trend: Ranging

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

The cryptocurrency is in consolidation in its short-term outlook.  The bears prevailed within the range and broke its two EMAs as TRX’s price dropped to $0.02380 in the demand area. After momentum was lost the bulls set the stage for their return, getting TRX up to $0.02438.

Today’s opening candle at $0.02428 was bullish and TRX went up to $0.024600. Its price is revolving around its EMAs and the Stochastic Oscillator is at 90, indicating upward momentum is to be expected in the near future.

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

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