Tron (TRX) Price May Decrease Below $0.058

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Tron Price Analysis – September 28

When sellers of TRX/USD were unable to push the price lower far below the support level of $0.059, buyers may push price towards the resistance level of $0.060. Strong bearish candles broke down the support level of $0.059 in which the price is testing the support level of $0.058 levels

TRX/USD Market

Key Levels:

Resistance levels: $0.059, $0.060, $0.061

Support levels: $0.058, $0.057, $0.56

TRX/USD Long-term Trend: Bearish

TRXUSD is bearish on the daily chart. The price is decreasing in response to sellers’ pressure. Sellers’ momentum continue increasing in the Tron market. Sellers continue to dominate the TRON market. Last two weeks, the buyers were trying to push up the price above the $0.061 resistance level but sellers oppose the movement. When sellers of TRX/USD were unable to push the price lower far below the support level of $0.059, buyers may push price towards the resistance level of $0.060. Strong bearish candles broke down the support level of $0.059 in which the price is testing the support level of $0.058 levels.

TRXUSD retain its position below 9-day EMA and 21-day EMA which indicate a bearish signal. The relative strength index Period 14 on the daily chart is at 36 with the signal lines pointing downside indicating sell signal.

TRX/USD Price Medium-term Trend: Bearish

TRX/USD on the medium term is bearish. An attempt made by the buyers to push the coin above the resistance level of $0.060 was aborted by the sellers’ pressure. The Crypto is decreasing, broke down the support levels of $0.60 and $0.59.

At the moment, it is struggling to break down $0.058 level. In case sellers’ momentum increases, the price will experience a downtrend movement beyond the support level of $0.058 and $0.057. The Relative strength index Period 14 is at 43 levels with the signal lines directed towards the north which may be a pullback.

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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.