TRXUSD Long-term Trend: Bearish
Supply zone: $0.7000, $0.8000, $0.9000
Demand zone: $0.0500, $0.0400, $0.0300
Tronix long-term outlook is a bearish continuation. The bears have kept pushing the price of the cryptocurrency down. The double bottom formation that should have lifted the price up to the supply zone at $0.8000 barely pushed to $0.6500 at supply area.
The bears' strong comeback pushed price down and currently at $0.5300 in the demand area.
Price is forming lower highs and lower lows that are synonymous with down trending market.
The critical demand area at $0.5000 may be the bears' next target. This will be the second time price is touching this demand area. The first was on April 24th.
The bulls are expected back at this critical demand zone. They may likely push price to the $0.7000 in the long-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research