TRX/USD Medium-term Trend: Bullish

Supply zones: $0.04000, $0.05000, $0.06000
Demand zones: $0.01000, $0.00900, $0.00800

TRX continues in a bullish trend in its medium-term outlook. The bulls had a nice ride to the north with pressure remained strong with a retest of the key supply area at $0.03000 and ended the day with a bullish marubozu candle as TRXUSD was up at $0.03143 in the supply area.

The bullish pressure was lost shortly after opening when TRXUSD rose to $0.03584 in the supply area that was due to the formation of a bearish spinning top as the bears gradually return.

TRXUSD was down to $0.02876 in the demand area at the 10-EMA. Two scenarios could happen for a bullish return. First, the bulls may return from the 10-EMA and resume the uptrend while the second option is that the bears' pressure may continue to push to the key demand area before a possible uptrend resumption.

TRX/USD Short-term Trend: Bullish

TRX continues in a bullish trend in its short-term outlook. The bullish pressure was strong as cryptocurrency made a new high at $0.03028 in the supply area before the momentum loss. The bears stage a return as TRXUSD went down to $0.02800 in the demand area before the end of yesterday session.

Today’s opening saw the bulls stage a comeback with a large bullish candle at $0.02870 as TRXUSD rose initially to $0.030430 and later at $0.03143 due to increased bullish momentum.

The bears are back as an inverted hammer was formed as TRXUSD drops to $0.02861 in the demand area. This bears activities are pullback necessary for the market correction before uptrend continuation.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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