Supply zones: $0.024, $0.025, $0.026
Demand zones: $0.023, $0.021, $0.019
Tron (TRX) Medium-term Price Analysis: Bearish
TRX continues in a bearish trend in its medium-term outlook. After crossing of the 21-day EMA over 50-day EMA downside, the coin broke down at the exponential moving averages on 22nd October. The bearish pressure has been on a movement to the south forming lower lows. $0.023 was low on 27th October and yesterday TRX broke down the demand zone of $0.023. This is characteristics of a down trending market that produces lower highs and lower lows. ETH’s price has found its low at demand zone $0.021 and there is a price rejection at this zone by the bulls.
With TRX/USD price below the 21-day and 50-day EMA coupled with the relative strength index period 14 at 30 levels which is the bears’ zone with its signal lines pointing up suggest a buying signal. The bears’ target may be the demand zone of $0.021.
Tron (TRX) Short-term Price Analysis: Bearish
TRX is bearish in the short-term outlook. The market was in a sideways movement early yesterday. It is making a downward movement towards the demand zone of $0.021 and broke out downside with the formation of massive bearish candles. The price broke yesterday’s demand zone of $0.023 and reached its target at demand zone of $0.021. The bulls rejected a further decrease of the price with the formation of bullish candles.
TRX’s price is below 21-day EMA and 50-day EMA which indicate a downtrend movement. The RSI is above 30 levels with its signal line pointing to the north which indicates a buy signal.