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Tron (TRX) Price Analysis – December 6



Tron (TRX) Price Analysis – December 6
Tron Chart by TradingView

TRX/USD Medium-term Trend: Bearish


  • Supply zones: $0.02500, $0.02600, $0.02700

  • Demand zones: $0.01000, $0.00900, $0.00800


  • TRX continues in a bearish trend in its medium-term outlook. $0.1484 was retested yesterday as a market correction occurred with a brief upward movement. The price was at the 38.2 fib level - a trend continuation zone. The bears came back strong and ensured a lower low was attained yesterday as TRXUSD went down to $0.1396 in the demand area.

    Shortly after today’s opening, the bearish momentum was sustained, TRXUSD dropped to $0.1364 in the supply area before the current bullish pullback that has the cryptocurrency at $0.1460 in the supply area.

    The stochastic oscillator signal points down at 26% and the price is within the 38.2 fib level. It suggests a further drop in price due to the bears' pressure in the medium-term.

    TRX/USD Short-term Trend: Bearish


     
    Tron (TRX) Price Analysis – December 6
    Tron Chart by TradingView


    The cryptocurrency is in a bullish trend in its short-term outlook. The bears' pressure was briefly lost after TRXUSD dropped to the low of the day at $0.01400 in the demand area before a pullback by the bulls to $0.01429 in the supply area.

    $0.01364 in the demand area was retested after today’s opening - creating a double bottom formation. Confirmation to the bulls takeover was with a large bullish engulfing candle at $0.01390 as TRXUSD was up at $0.01458 the supply area.

    With the price above the two EMAs and the stochastic oscillator signal pointing up at 56% it further confirms the upward momentum in price as the bullish becomes much stronger in the short-term.

     

    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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