In the medium-term outlook, Tron price is a range-bound movement. Traders should be patient while waiting for a breakout or breakdown before taking a position.
Tron (TRX) Price Analysis
The price of Tron continues in a range-bound movement in its medium-term outlook. The bearish trend was intense with the close of yesterday candle an inverted hammer at $0.02700. On April 19, the price declined to $0.02616 in the demand area.
TRX price is below the 2 Exponential Moving Averages (EMAs) crossover and the stochastic indicator signal pointing down at 17% which indicates a further downward trend in the price of Tron. The upper supply area is $0.02800 while the lower demand area of the range is $0.02550. Before taking a position, it is prudent for traders to exercise patience in anticipation of a breakout at the upper range or a breakdown at the lower range.
TRXUSD Short-term Price Outlook
The TRXUSD pair is consolidating in its short-term outlook. TRX bears continue the journey down south shortly after today’s 1-hour opening Doji candle at $0.02698. The break of the 2 EMAs at $0.02695 further dragged the price down to $0.02620 in the demand area.
A slight pullback to the supply area of $0.02677 occurred but rejection for continue upward trend is visible around the 10-EMA. The price of TRX is below the 2 EMAs, which indicates strong seller presence in the short-term coupled which is confirmed by the stochastic indicator signal pointing down at 23%, which implies further downward trend of Tron price.
The TRXUSD pair is consolidating and trading between $0.02740 in the upper supply area and at $0.02601 in the lower demand area of the range. Before taking a position, it is prudent for traders to exercise patience in anticipation of a breakout at the upper range or a breakdown at the lower range.
- Supply zones: $0.04000, $0.05000, $0.06000
- Demand zones: $0.01000, $0.00900, $0.00800
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.