Tron (TRX) Price Analysis: Currency is Under Bears’ Pressure ⋆ ZyCrypto
Distribution Territories: $0.017, $0.018, $0.019
Accumulation Territories: $0.015, $0.013 $0.12
TRX/USD Medium-term Trend: Bearish
On the 4-Hour chart, TRX/USD is bearish. On November 16, the coin faced barrier at the distribution territory of $0.019, it fell and commenced consolidation within a range bound of $0.019 and $0.018 price level. The first candle at the opening of the trading market today is bearish which moved the TRX price from consolidation, broke downside the accumulation territories of $0.018, $0.017 and the price is falling toward the accumulation territory of $0.015.
The TRX price is below the 21-day EMA and the 50-day EMA indicating that the price is falling further. MACD with its histogram is below zero level and the signal lines pointing down confirm the strong selling signal. However, in case the price breaks the $0.015 price level, the crypto will find support at $ 0.013. On the other hand, if the $0.015 price level holds, the crypto will be range bound between the levels of $0.015 and $0.017.
TRX/USD Short-term Trend: Bearish
On 1-hour chart TRX is in a bearish trend. The coin price fell to the low of $0.018 price level and commenced a range bound movement since November 17 up till yesterday. Today, the bears gained more pressure and broke downside the $0.018, $0.017 price levels. The coin is falling with the formation of more bearish candles towards the accumulation level of $0.015.
Currently, the XRP price is pulling back before it continues the bearish trend. Meanwhile, the MACD is below zero level seems to be at oversold level with its signal lines point to the south which indicates that the XRP may have its target at $0.015 price level. Traders should look out for buy setups to initiate long trades if the $0.015 price level holds.
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