TRX/USD Long-term Trend: Ranging
Supply zone: $0.03500, $0.04000, $0.04500
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook continues in a range-bound market. The bears sustained the momentum down south as predicted with the cryptocurrency making a low at $0.02118 in the demand area on 13th January.
It was a retest of the demand area after price breakout on 4th January. The long bullish engulfing candle confirms the bulls’ presence with a push of price up the supply area at $0.02700.
The journey upwards within the range may continue in the days ahead as price sits above the 10-EMA.
TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
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