TRX/USD Long-term Trend: Ranging
Supply zone: $0.06000, $0.07000, $0.08000
Demand zone: $0.03000, $0.02000, $0.01000
Tron continues in a ranging scenario in the long-term outlook. The bears’ pressure was strong as the cryptocurrency was pushed to a new low at $0.03290 in the demand area below the two EMAs crossover.
Momentum was lost and the bulls returned with three large bullish engulfing candles with wicks that close above the two EMAs crossover. The crypto was up $0.03940 in the supply area. This bullish momentum returned the cryptocurrency back within the range.
The stochastic oscillator is at 38 percent and its signal points up. This implies upward movement in price of the cryptocurrency may be seen in the days ahead.
The cryptocurrency continues in the range in this new week and it is trading between $0.04076 in the supply area of the upper price range and at $0.03521 in the demand area of the lower range. Traders could look to take short trades within the range with good ranging strategy as the coin consolidates.