Are The Bulls Breaking Out For TRX?
Last week saw TRX pull back after a shocking increase which surged the price to the distribution territories of $0.030. The bears nudged the price of TRX back below the distribution mark of $0.026 and began to consolidate within the bound range of $0.026 and $0.024. TRX is ranging in its medium-term outlook.
The bulls donât have enough leeway to get the price of TRX beyond the distribution territory of $0.026. Whereas on the other hand, the bears donât have enough strength to force the price of TRX below the accumulation territory of $0.024.
As said by ZyCrypto:
âMore buyers with an increase in pressure are needed in the market to increase the TRX price to the distribution territory of $0.026, break the territory and expose it to the distribution territory of $0.028. Should the bears increase their momentum and break the accumulation territory of $0.024 the coin will find its low at the accumulation territory of $0.022.â
TRX is below the 10-day EMA and 50-day EMA with the stochastic oscillator 14 above the 20 levels and its signal lines point down, which is suggesting a downward trend.
At the time of writing, the price has seen more a bearish look towards the demand zone of $0.024 on the short term with more bearish signs suggesting that the price of TRX is slowly but surely, falling. Essentially, at this time bears were gradually taking over the market.
The price is currently below the dynamic support of 10-day EMA and the 50-day EMA but the two EMAs arenât as well separated suggesting that consolidation is on-going. Just in case the bears get their strength back and put the pressure back on the break of the demand zone of $0.024 downside, then the price will be exposed to the lower demand zone of $0.023. The Stochastic Oscillator is currently above 20 levels with its signal lines seem to be aiming towards the south which suggests a sell signal.
On CoinMarketCap, TRON is in the red with a loss of 1.18% and is priced around $0.024 at the current time of writing.
What are your thoughts? Let us know what you think down below in the comments!