Price Analysis: The Bulls Are Taking the Tron Market to the Next Level as TRX Targets $0.03

Distribution Territories: $0.023, $0.025, $0.027

Accumulation Territories: $0.021, $0.019, $0.017

TRX/USD Medium-term Trend: Bullish

The cryptocurrency remains bullish on the 4-Hour chart. The coin has been making higher highs on the medium-term outlook since December 17 when the coin broke out from the consolidation which lasted for more than six trading days. There was a pullback on December 19 at $0.017 former distribution territory.

The price bounced at the 21-day EMA and the price resumed its uptrend, rallied to the upper distribution territory of $0.023 where it encountered the bearish force that pushed the coin down below the $0.021 price level with the candle formed inverted pin bar on December 21, short hours consolidation took place and the bullish pressure placed the coin above the distribution territory of $0.023.

The crypto is still under the bullish pressure as the 50-day EMA remains below the 21-day EMA and the coin trading above the two EMAs which connotes strong bullish trend is ongoing.  The moving average convergence divergence (MACD) period 12 with its histogram above the zero levels and the signal lines above the histogram point upside indicate a high probability of bullish trend continuation. Traders should not underrate the inevitability of pullback on the bullish trend.

TRX/USD Short-term Trend: Bullish

The bullish momentum on the short-term outlook is increasing rapidly. The bulls hold tight to the TRX market with little or no chance for the bears. On December 21 there was a bearish pullback that broke downside the 21-day EMA (dynamic support level) but resisted at 50-day EMA. The bullish force placed the coin above $0.021 price level after which there was nine-hour consolidation before the bulls increased their momentum and it rallied up to break the distribution territory of $0.023.

TRX price is currently above the $0.023 price level with the formation of the hourly bullish candle above the two EMAs separated from each other implies that there is a probability of uptrend continuation.

The post Price Analysis: The Bulls Are Taking the Tron Market to the Next Level as TRX Targets $0.03 appeared first on ZyCrypto.

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