Tron (TRX) Price: Support Level of $0.060 Holds, Bullish Reversal Envisaged

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Buyers’ pressure increases in Tron market

Tron Price Analysis – October 05

Strong bullish candles broke up the resistance level of $0.061 in which the price is facing the resistance level of $0.063. In case buyers’ momentum increases, Tron will experience an uptrend movement beyond the resistance level of $0.063 and $0.064.

TRX/USD Market

Key Levels:

Resistance levels: $0.063, $0.064, $0.066

Support levels: $0.061, $0.060, $0.59

TRX/USD Long-term Trend: Bullish

TRXUSD is bullish on the daily chart. The crypto decreased from the high of $0.070 resistance level to the low of $0.059 support level. Former support levels like $0.066, $0.063 have turned to resistance levels after penetrated by the bears’ pressure. The support level of $0.059 holds the price. The buyers gain more momentum and the price is increasing towards the resistance level of $0.064.     Strong bullish candles broke up the resistance level of $0.061 in which the price is facing the resistance level of $0.063.

TRXUSD has penetrated the two EMAs upside and the price is trading above the 9-day EMA and 21-day EMA which indicate a bullish signal. The relative strength index Period 14 on the daily chart is at 55 with the signal lines pointing upside indicating buy signal.

TRX/USD Price Medium-term Trend: Bullish

TRX/USD on the medium term is bullish. An attempt made by the sellers to push the coin below the support level of $0.060 was aborted by the buyers’ pressure. The Crypto is currently increasing, broke up the resistance level of $0.61.

At the moment, it is struggling to break up $0.063 level. In case buyers’ momentum increases, the price will experience an uptrend movement beyond the resistance level of $0.063 and $0.064. The Relative strength index Period 14 is at 61 levels with the signal lines directed towards the north.

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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.