• The bulls are back in control of the long-term outlook.
• Traders may consider buying with bullish reversal candlestick pattern as confirmation
TRX/USD Long-term Trend: Bullish
Supply zone: $0.0500, $0.06000, $0.0700
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook continues in a bullish trend. The predicted target at $0.04000 in the supply area of the channel was attained on 25th June. This was a retest of the high the coin attained on 2nd June.
The formation of a bearish spinning top signaled a trend reversal as the bears gradually took control of the market.
Price fell initially to $0.03419 and thereafter to $0.03016 in the demand area below the lower trendline due to the downward momentum that was lost due to rejection at the 50-EMA.
Price is above the 50-EMA and the lower line of the channel an indication that the bulls are back in control of the market. The journey back to the $0.04000 and subsequently to $0.04200 at the upper line of the channel may occur in the new week.
A minor pullback may occur but traders may take advantage and buy low at bearish exhaustion areas.
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