Tron Price Watch: The Bears’ pressure may break $0.019 on the TRX market

Tron Price Watch: The Bears’ pressure may break $0.019 on the TRX market

Distribution Territories: $0.021, $0.023, $0.025

Accumulation Territories: $0.019, $0.017, $0.015

TRX/USD Medium-term Trend: Ranging

TRX/USD is ranging on the Medium-term outlook. The bullish momentum placed the coin at the high of $0.025 distribution territory where the bears rejected further increase in the price of TRX. In other words, the bulls lost the momentum and the bears gained the pressure and the coin experienced a bearish pressure that reduced the TRX below the price level of $0.019. The price found support at the 50-day EMA after penetrated the 21-day EMA. The sideways movement started on December 25 within the range of $0.21and $0.19 price level.  

The consolidation is clearly seen on the 4-Hour chart as the two EMAs are horizontally placed showing no direction with the cryptos trading in a zigzag pattern around the 21-day EMA and 50-day EMA within the channel. The Stochastic Oscillator period 14 is at the oversold level and the signal lines directed to south connotes sell signal.   


TRX/USD Short-term Trend: Bearish

The coin is in a bearish trend on the short-term outlook. The cryptocurrency remains bearish as long as the coin remains under the drawn bearish trend line on the 1-Hour chart. The bearish trend commenced after the coin was topped at $0.23 distribution territory on December 28. The bulls were unable to break out the $0.23 price level. The crypto consolidated for few hours before started declining towards the accumulation territory of $0.019.  

TRX is currently trading below the 21-day EMA and 50-day EMA as a sign of a bearish trend. However, the Stochastic Oscillator period 14 is at the oversold region with the signal lines pointing to the north which connotes buy signal. In case the bearish momentum continues, there is a tendency for the coin to find support at $0.017.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.