TRX/USD Long-term Trend: Ranging

Supply zone: $0.03500, $0.04000, $0.04500
Demand zone: $0.01000, $0.00800, $0.00600

Tron long-term outlook is in a range-bound market. The journey down south was continuous last week ended as the bulls lack the momentum to sustain the upward price movement. This failure returned the bears on 2nd December with a bearish spinning top at $0.01521.

The bears kept pressure up as the cryptocurrency made a retest at $0.01222 in the demand area on 7th December.

Price hovers around the 10-EMA with the stochastic oscillator at 37% and its signal parallel an indication of the ranging scenario.

TRXUSD is consolidation and trading between $0.01706 in the upper supply area and at $0.01113 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries. Hence patience is needed to allow this occurred before taking any position.

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

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