Tron (TRX) Price Analysis – February 21

• Both the medium and short-term outlook is in consolidation.
• Traders should be patient during this period.

Tron chart by tradingview

TRX/USD Medium-term Trend:Ranging      

TRON remains in consolidation in its medium-term outlook. The strong bullish pressure broke the upper supply area of the range at $0.02541. This was the second breakout seen. TRXUSD rose to $0.02582 in the supply area before exhaustion set in with a drop in price to $0.02519 in the demand area.

Although today’s 4-hour opening candle at $0.02539 was bullish, the bulls managed a push of the cryptocurrency to $0.02588 in the supply area but the candle closed as an inverted bearish doji. The price dropped to $0.02469 within the range as the cryptocurrency continues in the range.

TRXUSD is consolidation and trading between $0.02541 in the upper supply area and at $0.02362 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good bearish candlestick pattern as confirmation.

TRX/USD Short-term Trend: Ranging

Tron chart by tradingview

The cryptocurrency is in the range-bound market in its short-term outlook. The 1-hour opening candle at $0.02536 was bullish as the cryptocurrency rose to $0.02588 in the supply area. Exhaustion gradually sets in as the candle closes with a wick an indication of the bear presence.

TRXUSD dropped to $0.02469 as it enters a range-bound market in the short term with the bulls taking price to the upper supply area of the range.

$0.02570 is the upper supply area and $0.02483 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taking.

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