TRX/USD Medium-term Trend: Bullish
Supply zones: $0.02800, $0.02900, $0.03000
Demand zones: $0.01700, $0.01600, $0.01500
TRX is in a bullish trend in its medium-term outlook. The strong bullish pressure from $0.01820 in the demand area was sustained after the bearish pullback from $0.02018 in the supply area to $0.01860 in the demand area.
Price is above the two EMAs and the stochastic oscillator is in the overbought region at 81% with its signal pointing up. This implies an upward price movement may occur due to the bull pressure in the medium-term.
TRX gives a nice head and shoulder pattern with the full completion of the right shoulder. The journey up may occur with the bulls initial target at $0.02200
.TRX/USD Short-term Trend: Ranging
The cryptocurrency is in consolidation.in its short-term outlook. The bearish pressure from the formation of the spinning top in the supply area at $0.02018 pushed price initially to $0.01894.
Further movement to $0.01860 in the demand area occurred as the bears stage a comeback after the bullish pullback.
The large bullish engulfing candle at $0.01870 pushed TRX back up to $0.01999 in the supply area above the two EMAs crossover as it ranges.
The cryptocurrency is in consolidation and trading between $0.02030 in the upper supply area and at $0.01916 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur traders should be patient before taking a position.
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