TRX/USD Long-term Trend: Bullish
Supply zone: $0.02500, $0.03000, $0.03500
Demand zone: $0.01500, $0.01000, $0.00500
Tron resumes in its bullish trend in the long-term outlook. The bears’ pressure was strong in the past week with the break of the bears target candle $0.02078 of last week long-term forecast. The cryptocurrency went further down to $0.01600 in the demand area as a result of the high bears’ momentum.
The bears lost momentum on 14th August with a wick in the candle which implies exhaustion and the bulls gradually made a return. The bullish pressure became strong and the previous bears target now a support was broken. The coin was up $0.02458 in the supply area.
The minor pullback by the bears drop the cryptocurrency down to $0.02019 in the demand area, this should be seen as a market correction. The upward trend continuation resumes with a hammer a reversal candlestick pattern formed at the demand area.
The bullish pressure maybe stepped up as more candles formed and closed above the two EMAs. The bulls may take the cryptocurrency back up to $0.02867 in the supply area in the long-term.