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.
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