TRX/USD Long-term Trend: Bearish
Supply zone: $0.0600, $0.0700, $0.0800
Demand zone: $0.0400, $0.0300, $0.0200
Tron continues its bearish trend in the long-term outlook. The pullback predicted in last week article did happen which serve as a market correction. The bulls came in with increased momentum and push price up to $0.0510 in the supply area due to the double bottom formed at $0.04267 as analyzed.
The bears' strong pressure at this supply area has kept price going down. Initially, at $0.041800 in the demand area, witness another pullback and currently down to $0.04094 in the demand area.
This week opening candle is bearish with price at $0.04405 which implies more bearish momentum will be seen as the week progresses. We may likely see a break of $0.04000 in the demand area, then a retest for a further downward movement of price for a repeat of June 13th scenario in which price was down to $0.0380 in the demand area.
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