TRX/USD Medium-term Trend: Bearish
Supply zones: $0.03000, $0.04000, $0.05000 Demand zones: $0.01500, $0.01300, $0.01200
TRX is in a bearish trend in its medium-term outlook. The consequence of bears strong comeback after the bearish railroad of 8th October at $0.02780 is still continuous. $0.02453 in the demand area was the initial point the bears dropped the cryptocurrency before the momentum loss.
The bullish retracement was brief as TRX was up $0.02581 in the supply area on 10th October. Today’s 4-hour opening candle was at was a large bearish engulfing candle. TRX was initially down to $0.02250 and later to $0.02167 in the demand area.
The downward movement of the cryptocurrency may continue in the medium term due to increase bearish momentum. This is informed by the stochastic oscillator is in the oversold region at 9% and its signal points.
Moreover, price is below the two EMAs an indication of bears strong pressure. $0.02000 in the demand area may be bears target in the medium term.
TRX/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The formation of a doji at $0.02566 in the supply area followed by a bearish candle as yesterday session closes signals trend reversal and bears return.
The bears' pressure was strong earlier today as TRX was initially down to$0.02250 and later to $0.02167 in the demand area.
The Stochastic Oscillator is in the oversold region at 17% and its signal points down which implies downward momentum in price. The journey south is much favoured in the short-term but minor pullback to the 23.6 may occur before downtrend continuation.
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