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
The bears are still holding the market and continuing the bearish trend on the 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. It has still not reached the demand zone of $0.022.
TRX’s price is below the 10-day EMA and 50-day EMA which is a sign of the bears’ pressure while the stochastic oscillator 14 is above 40 levels and its signal lines point to the south which indicates a sell signal.
In case the demand zone of $0.2 2 holds, TRX’s price will increase, the bulls will take over the market and the price will rally to the north. Traders can initiate a long trade, put stop order below $0.022 and take profit when the price reverses.
Should the bears increase their momentum, the coin will move toward 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.
Tron (TRX) Short-term Price Analysis: Bearish
TRX is still in its bearish trend on 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 TRX towards the dynamic resistance of 10-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 TRX is below the 10-day EMA and 50-day EMA which indicates that the price is falling. Nevertheless, the stochastic Oscillator 14 is above 40 levels with signal lines pointing toward the north, which indicates a buy signal.