Tron (TRX) Price Analysis | Currency Is Having a Hard Time Breaking Out Of $0.023

Tron (TRX) Price Analysis | Currency Is Having a Hard Time Breaking Out Of $0.023

Distribution Territories: $0.023, $0.024, $0.025

Accumulation Territories:, $0.022, $0.021 $0.20

TRX/USD Medium-term Trend: Bearish

TRX/USD is bearish on the 4-Hour chart. The Bulls lost the pressure after pushing the TRX price to the distribution territory of $0.025 and the bears took over the market as this is noticed with the formation of inverted pin bar at the $0.025 price level on November 7.

Numerous bearish candles formed after, confirm the increased momentum of the bears, the former accumulation territories of $0.024 and $0.023 were broken downside. TRX price has been exposed to the accumulation territory of $0.022.

Currently, the TRX price is trading below the 21-day EMA and 50-day EMA and the 21-day EMA has crossed the 50-day EMA downside which indicates that the bearish movement is ongoing. The stochastic Oscillator period 14 is below 40levels with its signal line point to the south which connotes sell signal.

In case the bears maintain their momentum or increase their pressure, the TRX may break the accumulation level of $0.022 and have its low at $0.021 price level. If the accumulation territory of $0.021 holds and the price bounce, the trader can seize the opportunity to place a long trade at the level and have their take profit at the next distribution territory.  

TRX/USD Short-term Trend: Bearish

On 1-hour chart TRX is in a mid-bullish trend. The coin resumed its downward trend immediately after the formation of doji candle on the former accumulation level of $0.024. The bears were in control of the TRX market as the TRX price kept on falling, broke downside the former accumulation territory of $0.023 to the accumulation territory of $0.022.

TRX price is below the 21-day EMA and the 50-day EMA with the Stochastic Oscillator period 14 is at 40levels with the signal lines point to the north, indicates buy signal which may serve as pull back before it continues its downtrend.

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