TRX/USD Medium-term Trend: Bearish
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
TRON continues in a bearish trend in its medium-term outlook. The strong bearish pressure was sustained as predicted yesterday as TRXUSD dropped to $0.02215 in the demand area with a large bearish candle. The 38.2 predicted was broken together with the 23.6 fib area before the brief momentum loss.
TTRXUSD rose briefly to $0.02263 in the supply area but closes as a bullish doji an indication of a continuing bullish pullback.
The 4-hour opening candle sustained the bullish momentum to $0.02277 in the supply area within the 23.6 fibs. This should be seen as a correction necessary before the resumption of downtrend by the bears.
A retest of the low at $0.02205 in the demand area may occur as price was at this point on 12th March and subsequently a breakout may occur in the medium-term outlook.
TRX/USD Short-term Trend: Bearish
The cryptocurrency is a bearish trend in its short-term outlook. The lower demand range at $0.02290 was broken with a large bearish engulfing candle. $0.02215 was the low of the day as the bears lost control to the bulls.
The bullish momentum was the bulls target to retest the broken demand area. TRXUSD is currently up at $0.02282 in the supply.
The price is below the 50-EMA an indication that the bears’ pressure remains valid and may resume soon with the stochastic oscillator in the overbought region and its signal pointing down, an indication of downward momentum in price.
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