TRX/USD Long-term Trend: Bullish
Supply zone: $0.06000, $0.07000, $0.08000
Demand zone: $0.03000, $0.02000, $0.01000
Tron resumes in bullish trend in the long-term outlook. The break of $0.04000 in the demand area and June 13th scenario predicted last week did happen. The bears retested $0.0380 and drove price further down.
$0.03430 in the demand area was the price the bears dropped the cryptoasset. The formation of a bullish long-legged doji, a reversal pattern brought the bulls back.
The bullish momentum was high as a large engulfing candle was formed. Price was pushed up to $0.03990 in the supply area. You can see that the downward channel was broken by the engulfing candle which may further confirm the bulls’ takeover.
The bears are back but this should be seen as a pullback for uptrend continuation. Price is currently at 50.0 Fibonacci level. 61.8 and 50.0 are good areas for the bulls comeback in the context of an uptrend.
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