TRX/USD Long-term Trend: Ranging
Supply zone: $0.03000, $0.03500, $0.04000
Demand zone: $0.01500, $0.01000, $0.00500
TRX enters the range in its long-term outlook. The formation of a bearish hammer on 12th September signal trend reversal and bearish exhaustion when price was at $0.01711 in the demand area.
TRX rose to $0.02063 in the supply area on 14th September and ended the day session as a doji candle. The bears were gradually returning as price remains under the 10-day EMA.
The stochastic oscillator is in the oversold region at 22% and its signal points down a reflection of the bearish pressure as the cryptocurrency ranges.
The cryptocurrency is ranging and trading between $0.02208 in the upper supply area and at $0.01792 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur, hence traders should be patient before taking a position.
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