TRX/USD Medium-term Trend: Bearish
Supply zones: $0.02500, $0.02600, $0.02700
Demand zones: $0.01600, $0.01500, $0.01400
TRX continues in a bearish trend in its medium-term outlook. The strong bearish pressure that started on 7th November with a bearish inverted hammer at $0.02470 and confirmed on 9th with a bearish Marubozu at $0.02350 sustained the momentum with a massive drop in the TRXUSD price to $0.01866 in the demand area.
This was the low of the Brief lost in momentum for continuation returned the bulls as TRXUSD went up to $0.01991 in the supply area and closes at $0.01989 as yesterday session ended.
Today’s 4-hour opening candle at $0.01995 engulfed yesterday closing candle and dropped the cryptocurrency to $0.01861 in the demand area earlier today.
Price is below the two EMAs which imply strong bear pressure confirmed by the stochastic oscillator in the oversold region 15%.
The target at $0.01819 in the demand area may be attained in the medium-term with more candle open and closed below the EMAs crossover due to the bears’ pressure.
TRX/USD Short-term Trend: Bearish
The cryptocurrency continues in a bearish trend in its short-term outlook. After the massive drop in price from to $0.02240 in the supply area to $0.01866 in the demand area, flags were been created as the bulls stage brief return.
$0.02000 in the supply area was the high the cryptocurrency attained this morning before the bears pushed it down to $0.01861 in the demand area.
Currently, another flag is been formed and a strong bears pressure should be expected to push price further down in the demand area before the end of today to give a lowest low of the day in the short-term.