Tron (TRX) Price reduces to $0.060 Level, What next?

Updated:

Tron Price Analysis – September 07

In case the buyers fully defend the support level of $0.060 there is probability that price might go up towards the resistance levels of $0.061, $0.063 and $0.064. In case sellers’ momentum increases, the price will experience a downtrend movement towards the support level of $0.060, $0.059 and $0.058.

TRX/USD Market

Key Levels:

Resistance levels: $0.061, $0.063, $0.064

Support levels: $0.060, $0.059, $0.058

TRX/USD Long-term Trend: Bearish

TRXUSD is bearish on the daily chart. The sellers continue to dominate the TRON market. The price were trading around the $0.063 at the initial stage of last week market. When buyers of TRX/USD were unable to push the price higher far above the resistance level of $0.063, the price decreases towards the support level of $0.060. Strong bearish candles were produced which further reduces the price. TRXUSD retain its position below 9-day EMA and 21-day EMA which indicate a bearish signal.

In case the buyers fully defend the support level of $0.060 there is probability that price might go up towards the resistance levels of $0.061, $0.063 and $0.064. The relative strength index Period 14 on the daily chart is at 36 with the signal lines pointing downside, indicating that there could be a further bearish movement this week.

TRX/USD Price Medium-term Trend: Bearish

TRX/USD on the medium term is bearish. The Crypto was ranging between the resistance level of $0.064 and the support level of support level at $0.061 last two weeks. On September 06, the sellers exerted more pressure and the price broke down the support level of $0.061. The Crypto exposed to $0,059 level.

In case sellers’ momentum increases, the price will experience a downtrend movement towards the support level of $0.060, $0.059 and $0.058. The Relative strength index Period 14 is at 36 levels with the signal lines directed towards the north.

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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.