TRX/USD Medium-term Trend: Bullish
Supply zones: $0.02500, $0.02600, $0.02700
Demand zones: $0.01000, $0.00900, $0.00800
TRX returns to a bullish trend in its medium-term outlook. The cryptocurrency is in a nice bullish pennant with an expected breakout from the upper trendline after the upward movement that saw TRXUSD at $0.1484 in the supply area.
The bulls briefly lost momentum to the bears and the cryptocurrency was down to $0.1396 in the demand area before the end of yesterday session.
The formation of a bullish spinning to signaled the bulls return as price was up to $0.1460 in the supply area after an initial drop to $0.1364 in the demand area earlier today. As the bullish pressure becomes much stronger a breakout from the triangle may occur.
$0.1700 in the supply area may be the bulls initial target.
TRX/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The cryptocurrency provides a double bottom pattern or a W. The bears' pressure was lost after TRXUSD dropped $0.01364 in the demand area earlier today.
The right wing of the W is been formed as the bulls stage a return from the demand area with an engulfing candle. TRXUSD was initially up at $0.01458.
Price is above the two EMAs crossover an indication of bulls presence coupled with the stochastic oscillator at77% and it signal points up. These suggest upward momentum in price in the short-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.