- The bulls remained in dominance both in the short and medium-term outlook.
- Responsible buying maybe consider at key areas.
TRX/USD Medium-term Trend: Bullish
• Supply zones: $0.04000, $0.05000, $0.06000
• Demand zones: $0.01000, $0.00900, $0.00800
TRON is in a bullish trend in its medium-term outlook. The large bullish engulfing candle as the market opens on 14th May broke $0.02550 of the upper supply area of the range. The cryptocurrency has kept making higher highs each day with $0.02759 and $0.03150 attained on 14th and 15th May respectively.
The bullish 4-hour opening candle at $0.03070 sustained the bullish momentum with price up at $0.03319 in the supply area but closed with a wick indicating exhaustion, hence the drop in price to $0.03000 in the demand area by the brief bears’ pressure.
$0.03600 in the supply area is the bulls target in the medium-term with price above the two EMAs which are fanned apart. This suggests strength in the context of the trend and in this case the uptrend.
The stochastic oscillator is in the overbought region with signal pointing up at 85% an indication of upward momentum in price of the cryptocurrency.
TRX/USD Short-term Trend: Bullish
The cryptocurrency continues in the bullish trend in its short-term outlook. The 10-EMA acted as strong support for the bullish upward price movement each time price drops around it.
$0.03100 in the supply area was yesterday high before the formation of the bearish railroad with a drop in price to $0.02957 in the demand area before the end of yesterday session.
Today’s 1-hour opening candle at $0.03070 sustained the bullish momentum with price up at $0.03319 in the supply area before the current pullback by the bears.
Price may drop to the 38.2 fib area a trend continuation zone before the bulls continue the journey up north with a possible breakout at $0.03319 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.
Bitcoin Market Price Chart in RealTime