- The long-term outlook remains in consolidation.
- The bulls may hold on to the control of the market.
TRX/USD Long-term Trend: Ranging
Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook remains in a range-bound market. $0.02465 in the supply area was the high while $0.02217 was the low of the week as the cryptocurrency continues in the range. The bearish pressure was lost as the candle closed a hammer an indication of a trend reversal.
The large bullish engulfing candle pushed price back up at $0.02380 in the supply area, breaking the two EMAs.
Price is above the two EMAs and the stochastic oscillator signal points up at 62%. This suggests an upward movement in the cryptocurrency price in the long-term.
TRXUSD is in consolidation and trading between $0.02800 in the upper supply area and at $0.02270 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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