Supply zones: $0.02500, $0.02600, $0.02700
Demand zones: $0.01000, $0.00900, $0.00800

TRX is in a bearish trend its medium-term outlook. The retracement to the upside by the bull after the drop from the 61.8 fib level ($0.01439) got terminated around the 50 fib level (0.01396) in the supply area on 12th December.

The bears resumed the downward journey before the end of yesterday with a drop in price to $0.01355 as a bearish inverted hammer was formed.

The 4-hour opening candle was bearish at $0.01356 and this sustained the bearish pressure with the coin down at $0.01334. Price is around the two EMAs and the stochastic oscillator signal points down at 48%. This suggests further downward price movement in the medium-term.

As the bears' pressure becomes much stronger a retest at $0.01110 in the demand area is possible in the medium-term.

The cryptocurrency is in a bullish trend in its short-term outlook. After it dropped the cryptocurrency at $0.01334 in the demand area the bears lost control to the bull.

Confirmation to the bulls takeover was seen after the bullish marubozu candle broke the two EMAs at $0.01347. TRXUSD is currently up at $0.01370 in the supply area.

The key supply area at $0.0140 is the bulls’ initial target. A break above and retest at this area will imply bullish continuation while a rejection suggests a possible return of the bears.

Price is above the two EMAs and the stochastic oscillator at with its signal pointing up. This means upward momentum in price as the bulls’ pressure becomes stronger in the short-term.

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

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

167 +