Tron (TRX) Price Analysis – November 1
- Bearish uptake in both the medium and short-term outlook
- Traders may consider selling with good bearish reversal candles as confirmation especially at support areas that were previous demand areas
Tron Chart by TradingViewTRX/USD Medium-term Trend: Bearish
Supply zones: $0.02800, $0.02900, $0.03000 Demand zones: $0.01700, $0.01600, $0.01500
TRX is in a bearish trend in its medium-term outlook. Yesterday's 4-opening candle at $0.02221 was an inverted bearish hammer a signal of strong bear pressure which dropped TRXUSD to $0.02140 in the demand area as its momentum reduced. This was the low of the day around the lower line of the downward channel.
The bullish long-tail candle formed at $0.02206 manage to push the price up to $0.02270 in the supply area which was the high of the day. The lack of momentum for upward price movement brought back the bears as TRXUSD closed at $0.02239. The 4-hour opening candle sustained the bears' pressure and TRXUSD was down to $0.02226 in the demand area.
The price is around the 10-EMAs and the stochastic oscillator is at 74% and its signal points up. It suggests the possibility of an upward price movement to the upper line of the downward channel.
$0.02101 in the demand area may be retested as the bears' pressure becomes much stronger in the medium-term.
TRX/USD Short-term Trend: Bearish
Tron Chart by TradingViewThe cryptocurrency is in a bearish trend in its short-term outlook. TRXUSD gives an M structure in the short-term. The 1-hour opening candle at $0.02238 was a bearish hammer that dropped TRXUSD to $0.02226 in the demand area before the downward movement was rejected. The price went up to $0.02247 in the supply area eailer today but the bearish marubozo candle formed shows that the bears may be back.
The right leg of the letter M is forming. The bearish momentum may be increased in the short-term and this may lead to a further drop in price and a retest of $0.02140 in the demand area may occur.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
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