Tron (TRX) Price Analysis – November 16

• The bears remain in control of both the medium and short-term outlook.
• Responsible selling at resistance areas with bearish reversal candlestick pattern as confirmation.

Tron Chart by TradingView

TRX/USD Medium-term Trend: Bearish

Supply zones: $0.02500, $0.02600, $0.02700 Demand zones: $0.01600, $0.01500, $0.01400

TRX continues in a bearish trend in its medium-term outlook. The bears kept the journey down south intact by breaking $0.01824 in the demand area as predicted in yesterday's analysis. Increased bearish momentum further dropped TRXUSD down to $0.01765. This became the low of the day as the bear briefly lost momentum.

The bulls' gradual return was signalled with the formation of a bullish pinbar at $0.01864. 

The bullish momentum was sustained after 4-hour opening candle with prithe ce up to $0.01974 in the supply area. Rejection to upward continuation occurred at 10-EMA which acted as a strong resistance to TRXUSD upward movement.

The price is below the two EMAs and at the 23.6 fib level a trend continuation zone. The bears may return and continue the journey down south at this level or there may be a brief push to the 38.2 before the return.

After breaking $0.01824 in the demand area, $0.01670 in the demand area is next on the cards as the bearish pressure becomes stronger in the medium-term.

TRX/USD Short-term Trend: Bearish

Tron Chart by TradingView

The cryptocurrency enters a range-bound market in its short-term outlook. After dropping the cryptocurrency to $0.01765 in the demand area the bears lost momentum with the bullish Marubozu candle that was formed in the demand area. TRXUSD was up at $0.01935 late yesterday.

The bullish 1-hour opening candle at $0.01908 sustained the momentum and TRXUSD was at $0.01974 earlier today before showing signs of exhaustion with the formation of a bearish railroad at $0.01965 as TRXUSD ranges.

The cryptocurrency is in consolidation and trading between $0.02001 in the upper supply area and at $0.01766 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower before taking a position in the market.

 

 

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