Tron (TRX) supply and demand zones:
Supply zones: $0.026, $0.028, $0.30
Demand zones: $0.022, $0.020, $0.018
Tron (TRX) Medium-term Price Analysis: Bearish
TRX continues being bearish in its 4-Hour chart. The bears pushed TRX towards the lower range bound demand zone of $0.022 yesterday with the formation of bearish harmer candle followed by the formation of more bearish candles.
The TRX Price is below the two EMA’s, a sign of bear pressure, while the stochastic oscillator 14 is above 25 levels and its signal lines point to the north which indicates a buy signal. This may be a pullback before the price resumes downtrend.
Should the bears increase their momentum, the coin will move towards the demand zone of $0.022. If the demand zone of $0.022 is broken; the coin will find its low in the demand zone of $0.020. In case the demand zone of $0.020 holds and the price bounces back, traders can initiate a long trade, put a stop order below $0.020 and take the profit when the price reverses.
Tron (TRX) Short-term Price Analysis: Bearish
TRX is in its bearish trend on the 1-Hour chart. The cryptocurrency pair was bearish yesterday. The bears were pushing the coin towards the demand zone of $0.022.
Today the bulls have pulled Tron towards the dynamic resistance of 50-day EMA with the formation of a bullish engulfing candle. In case the bulls increase their momentum, the coin may be pushed to break the trend line and rally to the supply zone of $0.026
The price of Tron is above the 50-day EMA and the 10-day EMA, which indicates that the price is increasing. The stochastic Oscillator 14 is at the 80 levels with signal lines pointing toward the south, which indicate a sell signal.