Tron (TRX) Price Analysis: Sellers May Oppose Buyers at $0.066 Level

Updated:

TRXUSD Price Analysis – July 27

There is a possibility for the coin to move down and test the support level of $0.061 this week. Should bears increase their pressure, the support level of $0.064 may not hold and it may be exposed to another support level of $0.063 and $0.061.

Key Levels:

Resistance levels: $0.066, $0.069, $0.070

Support levels: $0.064, $0.063, $0.061

TRX/USD Long-term Trend: Bearish

The buyers of TRX/USD were unable to push the price higher far above the resistance level of $0.070. The price fell due to the bearish pressure towards the support level of $0.066. Some bearish candles were formed which further reduces the price last week. The price dropped to $0.063, below 9-day EMA and 21-day EMA. There is a possibility for the coin to move down and test the support level of $0.061 this week. Should bears increase their pressure, the support level of $0.064 may not hold and it may be exposed to another support level of $0.063 and $0.061.

However, there is probability that the price might go up within the next several trading days, by making a break out towards the North at $0.066 as the relative strength index Period 14 on the daily chart is below the level 50 with the signal lines pointing towards the North, indicating that there could be a bullish movement this week.

TRX/USD Price Medium-term Trend: Bullish

TRX/USD on the medium term is bullish. The coin broke the last week support level of $0.064 and rallied towards the south and the price tested the support level of $0.063. A doji candle formed at the level and the price bounces above the 9-day EMA and the 21-day EMA upside, which indicates that there could be an uptrend movement towards the resistance level of $0.069.

In case more buyers come in this week there is a probability that the price will experience uptrend movement towards the resistance level of $0.069 as the relative strength Period 14 is above 50, with the signal lines directed towards the North. A radical fundamental event can forcefully bring about a significant rally in the market.

You can purchase Lucky Block here:  Buy LBLOCK

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.