TRX/USD Medium-term Trend: Bearish
Supply zones: $0.02800, $0.02900, $0.03000
Demand zones: $0.01700, $0.01600, $0.01500
TRX is in a bearish trend in its medium-term outlook. The strong bullish pressure from $0.02341 in the demand area on 5th November was lost at $0.02508 in the supply area on 7th November after the formation of a bearish inverted long-tailed candle.
This signalled a trend reversal and the bears indeed returned and pushed price down initially to $0.02418 and later to $0.02385 in the demand area. This was the low TRXUSD attained before the end of yesterday session.
The 4-hour opening candle at $0.02414 was a long bearish engulfing candle. This dropped TRXUSD further down to $0.02349 in the demand area earlier today.
TRXUSD gives a head and shoulder pattern. This shows that the right shoulder is currently forming as the bulls pull price back up. $0.024000 in the supply area may be retested before the bears’ stage another comeback that will further drop the cryptocurrency price.
The stochastic oscillator is in the oversold region at 17% and its signal point down which suggests downward price movement due to the bears’ pressure in the medium-term.
TRX/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The bullish pressure that pushed TRXUSD to $0.02508 in the supply area created the double top formation that resulted in downward price movement due to the bears’ pressure.
$0.02385 in the demand area was the low the cryptocurrency attained before the end of yesterday session.
TRXUSD was down earlier this morning to $0.02349 in the demand area due to the sustained bearish pressure from the bearish 1-hour opening candle.
Price is below the two EMAs and the stochastic oscillator is in the oversold region at 12% a seller zone. With more candles opened and closed below the EMAs crossover, price of the cryptocurrency may head further south.