• The bears remained in control of the long-term outlook.
• $0.02400 in the demand area is on the card.
TRX/USD Long-term Trend: Bearish
Supply zone: $0.0500, $0.06000, $0.000
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook continues in a down-trending market. The key demand area at $0.02400 predicted as bears initial target in last week article was broken with a large bearish candle on 16th July. TRON plunges to $0.02038.
The bears lost momentum as the bulls returned was confirmed by the inside bar at $0.02090 of 17th July. The coin rose initially to $0.02810 breaking the 10-EMA and closed as a bullish marubozu on 19th July an indication of sustained rally.
$0.03017 in the supply area at the 50-EMA was the point of bullish exhaustion which is also at the trendline, the 61.8 fib area a trend reversal zone.
A bounce to the downside at the trendline may be expected in the day ahead with the bears’ pressure becoming stronger with the support at the 10EMA broken.
$0.02400 in the demand area is a key demand area may be retested and subsequently broken as the bears continue the journey down south.
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This article is Originally posted on CoinCentral.com
Author: Azeez Mustapha