Tron (TRX) Price Awaiting a Breakout

Updated:

Tron Price Analysis – August 03

Should bears increase their momentum, there is a probability that the price will experience downtrend movement towards the support level of $0.064. In case bulls put in more pressure, the break out may occur at the upper trend line of the ascending triangle and the resistance level of $0.069 may not hold, which may lead to further uptrend towards $0.070 and $0.072 levels.

TRX/USD Market

Key Levels:

Resistance levels: $0.069, $0.070, $0.072

Support levels: $0.066, $0.064, $0.061

TRX/USD Long-term Trend: Ranging

TRX/USD is on the ranging movement in the daily chart. Tron was in a side way trend last week. The price has risen to the high of the range bound zone. The cryptocurrency continue fluctuating between the resistance levels of $0.069 and the support levels of $0.066. The sideways movement commenced when the coin moved up towards the resistance levels of $0.069. The price action has formed an asymmetrical triangle and a breakout is imminent.

  At the moment, the price is trading around 9-day EMA and 21-day EMA. There is a probability for a breakout of the price from the ascending triangle towards the south this week. Should bears increase their momentum, there is a probability that the price will experience downtrend movement towards the support level of $0.064. In case bulls put in more pressure, the break out may occur at the upper trend line of the ascending triangle and the resistance level of $0.069 may not hold, which may lead to further uptrend towards $0.070 and $0.072 levels.

The relative strength index Period 14 on the daily chart is on the level 50 parallel to the level displaying no specific direction.

TRX/USD Price Medium-term Trend: Bearish

On the 4-Hour chart, the price is on the bearish movement. It seems the bears are exerting more pressure and the price is declining towards the lower trend line of the triangle. The sellers need more pressure to break down the lower trend line. T

he price is trading within the “ascending triangle” pattern. The 9-day EMA crossed the 21-day EMA downside with the price below the two EMAs. However, the relative strength index Period 14 is at 43 levels, with the signal lines directed towards the north indicate a buy signal.

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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.