Distribution Territories: $0.025, $0.027, $0.029
Accumulation Territories: $0.023, $0.021, $0.018
TRX/USD Medium-term Trend: Bullish
The bears were losing control over the TRX/USD market on the Medium-term outlook. The cryptocurrency rallied to the north with the aid of the bulls’ momentum and the coin topped at $0.036 price level on January 10.
Bearish momentum was signaled to the market as the massive strong bullish candle turned to upper long tail bearish candle followed by another bigger bearish candle that broke down the $0.029 price level. The bearish pressure increased and the barriers such as the former accumulation territories of $0.027, $0.025, $0.023 were broke down and that led the coin to found its support at $0.021 accumulation territory.
The Bulls defended the $0.021 accumulation territory with the formation of Doji star candle pattern, this reversed the trend facing north and the coin is currently found in-between the $0.025 and $0.024 price level. TRX price is directly on the two EMAs as a symbol of consolidation in the TRX market. The MACD and its histogram is flat on the zero levels while its signal lines are below the zero levels twisting around each other but points to the north which indicates that the bulls may take over the TRX market zoon.
TRX/USD Short-term Trend: Bullish
TRX/USD is bullish on the short-term outlook. TRX has been making lower lows for more than three days until it reached its low of $0.021 accumulation level where it consolidated for eight hours before the bulls took over and the price rallied towards the distribution territory of $0.025 after broken $0.023 price level. The coin is retesting the broken level.
TRX is trading above the 21-day EMA and 50-day EMA with the two EMAs closed to each other as the 21-day EMA is making an attempt to cross the 50-day EMA upside as a confirmation of trend reversal. Should the two EMAs crossed and the bullish candle break $0.025 distribution territory and close above the level the traders can take a long position to generate green pips.