Published: 2018-11-22 10:46:26
TRX/USD Medium-term Trend: Bearish
Supply zones: $0.02500, $0.02600, $0.02700Demand zones: $0.01100, $0.01000, $0.00900
TRX remains in a bearish trend in its medium-term outlook. The bullish pressure manages a push to $0.01527 in the supply area which was the high of the day. Rejection to further upward move occurred at the 10-EMA as the candle closes as an inverted bearish hammer.
This made the bears’ stage a return and pushed the cryptocurrency to $0.01420 in the demand area which became the low of the day as the session ends with a bullish candle at $0.01427. This formed a bullish railroad.
The 4-hour opening candle at $0.01492 could not sustain the bullish momentum as it closes bearish with TRXUSD currently down to $0.01447 in the demand area.
TRX structure is a symmetrical triangle. Price is below the two EMAs an indication of strong bear pressure. The stochastic oscillator signal at 45% points down which suggest downward movement in price of the cryptocurrency and a possible break in the lower trendline.
TRX/USD Short-term Trend: Ranging
The cryptocurrency remains in a range bound-market in its short-term outlook. The bulls and bears are struggling for control within the range. $0.01527 in the supply area was the high of the bullish pressure took the cryptocurrency before it gradually weakens.
$0.01420 in the demand area was the low the bears’ pressure dropped TRXUSD as the low of the day.as the session ended with some bullish momentum.
The 1-hour candle at $0.01459 was bullish as price rose to $0.01495 in the supply area briefly before the bears took over and pushed price down currently at $0.01447 in the demand area with a bearish marubozu candle.
TRXUSD is consolidation and trading between $0.01546 in the upper supply area and at $0.01331 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area before taking a position in the short-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.
The views and opinions expressed in the article Tron (TRX) Daily Price Forecast – November 22 do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.