Tron (TRX) Price: Double Bottom chart Pattern, An Increase Envisaged

Updated:

Tron Price Analysis – August 31

In case more buyers move in to the market this week, there is a probability that the price will experience an uptrend movement towards the resistance level of $0.069. Below the current price level are barriers at $0.064, $0.063 and $0.061 support levels.

TRX/USD Market

Key Levels:

Resistance levels: $0.066, $0.069, $0.070

Support levels: $0.064, $0.063, $0.061

TRX/USD Long-term Trend: Bearish

TRXUSD is bearish on the daily chart. When buyers of TRX/USD were unable to push the price higher far above the resistance level of $0.072. The price decreases towards the support level of $0.061. Bearish candles were produced which further reduces the price last week. The price is below 9-day EMA and 21-day EMA. The bears’ pressure seems to become low as the bulls opposing the price decrease with the formation of bullish candles.

In case the buyers fully defend the support level of $0.061 there is probability that price might go up. The relative strength index Period 14 on the daily chart is at 45 with the signal lines pointing upside, 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 Crypto found support at $0.061 support level on August 27. The price action formed a double bottom price action; meaning that bulls are getting ready to take over the Tron market.  Yesterday, it broke up the $0.66 resistance level. It is currently carrying out retracement.

In case more buyers move in to the market this week, there is a probability that the price will experience an uptrend movement towards the resistance level of $0.069. The Relative strength index Period 14 is at 57 levels with the signal lines directed towards the south.

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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.