Tron (TRX) Price May Reduce to $0.061

Updated:

Tron Price Analysis – August 24

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.

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

The buyers of TRX/USD were unable to push the price higher far above the resistance level of $0.072. The price fell due to the bearish pressure towards the support level of $0.064. Some bearish candles were formed which further reduces the price last week. The price is 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.

However, there is probability that the price might go up, in case there is a break out towards the North at $0.066 as the relative strength index Period 14 on the daily chart is at 41 with the signal lines pointing downside, indicating that there could be a bearish movement this week.

TRX/USD Price Medium-term Trend: Bearish

TRX/USD on the medium term is bearish. The coin broke the last week support level of $0.069 and rallied towards the south and the price was exposed to the support level of $0.064. The 9-day EMA interlocked with the 21-day EMA with the price hovering around the two EMAs which indicates that consolidation is ongoing.

In case more sellers come in this week there is a probability that the price will experience downtrend movement towards the support level of $0.061 as the Relative strength Period 14 is below 50 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.