TRX/USD Long-term Trend: Ranging
Supply zone: $0.04000, $0.05000, $0.06000 Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook is a range-bound market. The bulls had a massive movement to the upside in the week as TRXUSD rose to $0.03584 in the supply area on 10th January. This surpasses the $0.02400 target predicted in last week analysis.
The formation of bearish long-tailed candle signaled exhaustion in the bullish momentum and bears gradual returned as the cryptocurrency consolidates.
Price is below the 10-EMA and the stochastic oscillator signal points down at 44% an indication of downward momentum in price within the range in the days ahead.
TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
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