TRXUSD Long-term Trend: Bullish

Supply zone: $0.9000, $0.1000, $0.1100

Demand zone: $0.0500, $0.0400, $0.0300

Tronix long-term outlook is bullish. The frantic effort by the bears to keep pushing price down was resisted by the bulls at the demand area of $0.06000. You can see the bulls increase their presence and pressure at this demand area. Price kept the upward movement due to the bulls pressure. There is a high probability of an increase in the volume of the pair just as what we saw on April 16th.

Moreover, the double bottom formation at the $0.06000 demand area is very similar to what happened on May 14th before the price peaked at $0.0800 and later the bears set in. As a result, the upward price move is more favoured

More and more buyers are likely to come into the market as the week goes by. The bulls target may likely be the supply area at $0.07000.

 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research

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