TRX/USD Long-term Trend: Ranging
Supply zone: $0.06000, $0.07000, $0.08000
Demand zone: $0.03000, $0.02000, $0.01000
TRX enters a ranging scenario in the long-term outlook. The bulls made a successful comeback from $ 0.03121 in the demand area and subsequently broke the trendline after the fourth touch predicted in last week long-term forecast.
$0.03600 was retested and shoot further up to $0.04340 in the supply area.
The formation of double top coupled with an inverted bearish hammer, a reversal candlestick pattern return the bears. The bearish pressure was strong and the cryptocurrency was down to $0.03360 in the demand area.
The bulls momentum was building up as the formation of a railway track is seen at the demand area. Price was up $0.03620 in the supply area above the 10-day EMA.
The cryptocurrency is in a range and it is trading between $0.04076 in the supply area of the upper price range and at $0.03521 in the demand area of the lower range. Traders could consider a good ranging strategy as the coin goes up and down in the range.
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