TRX/USD Long-term Trend: Bearish
Supply zone: $0.04000, $0.05000, $0.06000
Demand zone: $0.02000, $0.01000, $0.00500
Tron is in a bearish trend in the long-term outlook. The strong bearish pressure was sustained as it breaks $0.03521 of the lower price range of last week forecast. The cryptocurrency went further down to $0.02814 in the demand area.
Price is below the two EMAs and forming lower highs and lower lows that are bear market characteristics. Moreover, the10-day EMA is seen acting as strong resistance against upward price movement.
The week open with a doji a strong reversal candle pattern and it implies that we may see some bullish momentum. The Fibonacci tool shows that price is on the rise and within the 23.6 fib level.
As the bullish pressure becomes strong price may likely get to 23.6 or 38.2 fib level which is trend continuation zones. This should be seen as pullback necessary for the market correction before downtrend continuation.
The stochastic oscillator is in the oversold region at 25 percent and its signal points up. This implies upward movement in price of the cryptocurrency which justifies the bullish retracement.
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