- The bears are in dominance in the market for the long-term outlook.
- Traders may consider selling to the next key support at $0.2950
TRX/USD Long-term Trend: Bearish
Supply zone: $0.04000, $0.05000, $0.06000
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook remains is a bearish trend. The outcome of the bullish flag was achieved as predicted with a retest of the high of July at $0.04156 in the supply area.
This was the second time as the bullish momentum as signaled by the wicks in the candles and subsequent bears take over.
TRXUSD dropped initially to $0.03277 breaking the 10-EMA. The bears exert stronger pressure with many sellers taking position leading to a further drop in price to $0.03000 in the demand area.
The bears may continue the journey down south as confirmed by the signal of the stochastic oscillator pointing down at 38% coupled with price below the 10-EMA.
$0.02950 around the 50-EMA is the bears’ initial target. A break at the EMA will open $0.02650 in the demand area for a retest in the long-term.
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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