Tron (TRX) Price Analysis – February 1

• The bears are in charge of the medium and short-term outlook.
• Traders may consider selling at key areas with bearish reversal candles as confirmation.

Tron chart by tradingview

TRX/USD Medium-term Trend: Bearish                                 

TRON returns to a bearish trend in its medium-term outlook. The pullback by the bulls after yesterday's opening was brief - up to $0.02803 in the supply area before the bears staged a comeback with a large bearish engulfing candle. TRXUSD dropped initially to $0.02578  and later to $0.02560 in the demand area.

The bullish hammer formed by today 4-hour opening candle after a drop to $0.02850 in the demand area suggests that a minor pullback may occur as the bulls took over briefly.

Currently, the price is within the 23.6 fibs and with the stochastic oscillator pointing up at 28% this confirms the bullish retracement. TRXUSD may be up at 38.2 fib area ($0.02709) which is a trend continuation zone before the bears resumed the downward journey.

TRX/USD Short-term Trend: Bearish

Tron chart by tradingview

The cryptocurrency is in a bearish trend in its short-term outlook. The bears' pressure broke the key area at $0.02630 yesterday and pushed the price further down to $0.02578. A retest of the broken key supply area is important. This will guarantee continued bear control of the market and also a correction to the impulsive downward move.

The bulls area currently pushing the price up to retest the area.TRXUSD is up at $0.02803 in the supply area.The bears may stage a return and push the price further down before the end of today's session as pressure is mounted on the price in the short-term.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.