TRON (TRX) Price Analysis (February 23)
• The trend of the coin looks bullish in its medium-term while the short-term outlook is in a range-bound.
• Patience is required at this moment.
TRX/USD Medium-term Trend: Bullish
• Resistance levels : $0.027, $0.028, $0.029
• Support levels: $0.016, $0.014, $0.012
Tron is in a bullish trend market in its medium-term outlook. The bears’ pressure is sustain as it continues to push the price of TRXUSD further down to $0.019 below the two EMA-9 in the support area during yesterday’s session.
However, the formation of the doji candle at $0.019 at the close of yesterday's session signals a trend reversal. Hence bulls’ brief return.
Price is back within the range with a push to $0.020 by the bulls in the resistance area as the market opens today on the daily candle.
Price of Tron is initially up at $0.020 in the resistance area within the range..
With the price of TRXUSD above the EMA-50 and the stochastic signal pointing up at around level, 16% in the oversold region suggests that the momentum in the price of the coin is in an uptrend in the medium-term within its range.
TRX/USD Short-term Trend: Ranging
The coin is in consolidation in its short-term perspective. Today’s 4-hour opening candle at $0.0201 in the resistance area is bullish as the bulls remain dominant in the market.
TRXUSD moves up to $0.0208 in the resistance area. Price of Tron is initially up at $0.0208 and revolves around the two EMAs an indication of an undefined trend.
However, the signal of the stochastic oscillator points upwards at level 75% in the overbought region an indication of upward momentum within the range and a possibility of a change in trend of the coin in the days ahead in the short-term.
TRXUSD is ranging and trading between $0.019 in the resistance area and at $0.01 in the support area of the range. Patience coupled with a retest is needed before a position is taken.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.