Tron (TRX/USD) Fluctuates Between $0.052 and $0.055 Levels

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Potential for a Bullish Breakout in the Tron market

 TRON Price Analysis – 28 December

Price may rise to the $0.058 resistance level, which may extend to $0.061, in the event that buyers apply further pressure and the daily candle breaks through the $0.055 level. The price of Tron may drop to $0.045 and $0.040 levels if the bears’ momentum breaks through the $0.052 level support level.

TRX/USD Market

Key Levels:

Resistance levels: $0.055, $0.058, $0.061

Support levels: $0.052, $0.045, $0.040

TRX/USD Long-term Trend: Ranging

On the daily chart, Tron is moving in a range. On November 14, the bulls were able to gather sufficient power and the price rose from the support level of  $0.045. Indicating a price rejection by the bull’s opposition against the bears, a long-tailed pin bar candle formed. Price has risen and has tested the $0.058 resistance level. Equal numbers of buyers and sellers are involved, and the price starts to fluctuate between $0.55 and $0.52.

The momentum of the bulls and bears appears to be similar, and the price is currently fluctuating between $0.055 and $0.052. At close contact, the fast-moving average is higher than the slow-moving average, indicating continued range movement. The 9-period EMA and the 21-period EMA are being traded over by Tron. Price may rise to the $0.058 resistance level, which may extend to $0.061, in the event that buyers apply further pressure and the daily candle breaks through the $0.055 level. The price of Tron may drop to $0.045 and $0.040 levels if the bears’ momentum breaks through the $0.052 level support level.

TRX/USD Medium-term Trend: Ranging

On the 4-hour chart, Tron is in the range-bound movement. The support level of $0.052 is still in place, defying the sellers’ upward impulse. Bullish attempts to breach the $0.055 resistance level were unsuccessful. The price of Tron is now fluctuating between $0.052 and $0.055.

As a sign of low bullish and bearish momentum, Tron is currently hovering over the 9-period EMA and 21-period EMA. The signal line on the Relative Strength Index for period 14 is pointing downward and is at 36 levels.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.