TRON (TRX) Bounces, Lacks Buying Power at a Higher Price Level


Key Resistance levels: $0.025, $0.030, $0.035
Key Support Levels: $0.015, $0.010, $0.005

TRX/USD Long-term Trend: Ranging
Presently, TRON is in a bullish trend as the coin approaches the high of $0.017. The coin is also facing resistance at the same price level. In retrospect, since the last bearish impulse, TRON fell to the low of $0.012 and resumed a sideways trend. TRON has been fluctuating between $0.012 and $0.021 for the past four months. The buying power of the coin dries up at a higher price level. On the upside, if the price breaks the current resistance, the coin will reach a high of $0.021. The sideways move will continue if the resistance is unbroken.

TRX/USD - Daily Chart

Daily Chart Indicators Reading:
TRON is presently trading below 80% range of the daily stochastic. It means that the coin is in bearish momentum. The current bearish momentum is unsteady as the stochastic bands are making U-turn upward. The moving averages are showing bullish crossover as the 21-day SMA crosses over the 50-day SMA. From the Fibonacci tool, a bull candle body tested the 0.618 retracement level. This implies that TRON will trade  near the 1.618 extension level.

TRX/USD Medium-term bias: Bullish
On the 4-hour chart, TRON is in a bullish trend. In December, the coin was trading between $0.013 and $0.014 before the bullish trend. TRON reaches a high of $0.018 and after a retest at the current high; the coin drops to the low of $0.01650.

TRX/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The Relative Strength Index Period 14 Level 55 indicates that the price is above the center line 50. This means that TRON is likely to rise. The 21-day SMA and the 50-day SMA are sloping upward indicating the bullish trend. The 50-day SMA provides support for TRON. On the downside, if the bears had broken the EMAs, the coin will continue the downward move.

General Outlook for TRON (TRX)
TRON at the moment has been trading at the bottom of the chart since September. The coin has been fluctuating between $0.012 and $0.021. The bulls have not been able to go above the $0.021 resistance level. This is due to a lack of buying power at a higher price level.

TRON Trade Signal
Instrument: TRXUSD
Order: Buy
Entry price: $0.017
Stop: $0.015
Target: $0.025

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.