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TRX/USD Medium-term Trend: Ranging
Supply zones: $0.03000, $0.04000, $0.04500
Demand zones: $0.01000, $0.00900, $0.00800
TRX continues in a range-bound market in its medium-term outlook. The bearish spinning top at $0.01809 in the demand area on 28th December was an indication of the bulls return after a bearish run from $0.01860 in the supply area that started on 26th December.
TXRUSD rose to $0.02959 in the supply area and lost momentum. The bearish doji at $0.02116 followed by a bearish candle at $0.02140 confirmed the bears take over of the market as TRXUSD initially dropped to $0.02001 and later to $0.01990.
Price is between the two EMAs a sign of consolidation and the stochastic oscillator is in the oversold region. These suggest downward momentum in price within the range.
TRXUSD is ranging and trading between $0.02168 in the upper supply area and at $0.01901 in the lower demand area of the range. Traders should be patient for a breakout at the upper supply area for buy opportunities or breakdown at the lower demand area for sell opportunities in the medium-term outlook.
TRX/USD Short-term Trend: Bearish
TRX continues in a bearish trend in its short-term outlook. The rejection of upward price movement at $0.02150 in the key supply area was an indication of strong bearish pressure in the short-term.
Despite a bullish 1-hour opening at $0.02037 that pushed the cryptocurrency up at $0.02066 in the supply area, the bears returned and pushed price down. $0.01994 in the demand area was the current low the bear dropped TRXUSD with a strong indication of further drop before the end of the session.
The stochastic oscillator signal points down at 6% in the oversold region and the price below the two EMAs. These indicate further downward movement in the cryptocurrency with $0.01827 in the demand area a possible target.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.