Buyers’ pressure increases in TRON’s market
TRON Price Analysis – 01 November
TRON may move above the $0.104 and $0.110 levels if the buying momentum breaks through the resistance level at $0.097. The support levels of $0.090 and $0.085 may be breached if sellers show no signs of giving up and TRON drops below the $0.094 mark.
Key Levels:
Resistance levels: $0.097, $0.104, $110
Support levels: $0.094, $0.090, 0.085
TRX/USD Long-term Trend: Bullish
On the daily chart, TRON is now trading in the green. The August 18th high of the upward trend occurred on October 3 at the $0.090 level. Sellers could not hold the price as it tries to move over the level. The price retreated to test the $0.085 mark last two weeks. Buyers’ pressure increases in the market. On October 15, a bullish engulfing candle formed and the price began to incline. The pressure from purchasers is increasing this week and the resistance level of $0.097 is tested.
The price of the currency has risen above the dynamic support levels as a result of the fast EMA crossing the slow EMA higher. TRON’s price may move above the $0.104 and $0.110 levels if the buying momentum breaks through the resistance level at $0.097. The support levels of $0.090 and $0.085 may be breached if sellers show no signs of giving up and TRON drops below the $0.094 mark.
TRX/USD Medium-term Trend: Bullish
The price trend on the 4-hour chart of TRON is bullish. The bulls’ enthusiasm waned when TRON tested the $0.090 resistance level, and they were unable to break through. It spends a week bouncing about the level. Bulls continue to push above the previously noted resistance level, and $0.097 is currently being tested.
Right now, TRON is trading above the 9- and 21-period exponential moving averages. At level 76, the period 14 signal line of the relative strength index is pointing upward, indicating a buy.
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