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Tron (TRX) Price Analysis – November 15



Tron (TRX) Price Analysis – November 15
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. Strong confirmation to the downtrend occurred after the break at $0.021400 which was the 100% retracement as predicted in yesterday's analysis. The large bearish engulfing candle at $0.02165 caused this and further pushed the price down to $0.01866 as the lowest low in the demand area before a brief loss in momentum.

The bulls return saw TRXUSD up at $0.01991 in the supply area/

Today’s 4-hour opening candle at $0.01995 was a bearish engulfing candle. This was signal that the bears are gradually returning with TRXUSD down to $0.01861 in the demand area earlier today.

The price is below the two EMAs that are fanned apart which suggests strength in the context of the trend and in this case the downtrend. The stochastic oscillator in the oversold region at 17% and its signal is pointing down which implies downward price movement in the medium-term 

A break at $0.01824 in the demand area will open up $0.01670  as the long-term target.

TRX/USD Short-term Trend: Bearish



Tron (TRX) Price Analysis – November 15
Tron Chart by TradingView


The cryptocurrency remains in a bearish trend in its short-term outlook. After breaking the lower line of the downward channel, TRXUSD massively dropped to $0.01866 in the demand area before a brief momentum loss and the bulls pushed the price back up that created flag 1. This was a pullback necessary for the market correction in the short-term.

$0.02000 in the supply area was attained earlier today by TRON but was rejected at the 10-EMA for further upward movement before the bears pushed it down to $0.01861 in the demand area.

 

 

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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