TRX/USD Long-term Trend: Ranging
Supply zone: $0.03500, $0.04000, $0.04500
Demand zone: $0.01500, $0.01000, $0.00500
Tron long-term outlook is a range-bound market. After the bearish railroad on 27th October, the bears made an aggressive movement to the downside with the cryptocurrency down to $0.02180 in the demand area on 29th October and $0.02140 on 31st October with the candle closing as a bullish pinbar.
The 10-EMA was broken on 2nd November when TRXUSD was up at $0.02323 in the supply area. With increased bearish pressure, the 50-EMA is been tested with price at $0.02368.
Price is above the 10-EMA but testing the 50-EMA an indication of strong bullish pressure. The stochastic oscillator is at 49% and its signal points up which suggests upward price movement within the range as the bullish momentum increases.
TRXUSD is ranging and trading between $0.02800 in the upper supply area and at $0.02060 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area with good reversal candle formation before taking a position.