Tron (TRX) Price: When Will Breakout Take Place?

Updated:

Tron Price Analysis – August 17

Should bears increase their momentum, there is a probability that the price will experience downtrend movement towards the support level of $0.069, $0.066 and $0.064 levels.

TRX/USD Market

Key Levels:

Resistance levels: $0.070, $0.072, $0.074

Support levels: $0.069, $0.066, $0.064

TRX/USD Long-term Trend: Ranging

TRX/USD is on the ranging movement in the daily chart. There was no important movement in the Tron market last week. The price continuously testing the resistance level of $0.70. The bulls’ momentum is not strong enough to break up the mentioned level. The support level of $0.069 holds, this made the coin continue fluctuating between the resistance levels of $0.069 and the support levels of $0.069.

At the moment, the price is trading around 9-day EMA and 21-day EMA. There is probability for a breakout of the price at the resistance level of $0.070 level. Should bears increase their momentum, there is a probability that the price will experience downtrend movement towards the support level of $0.069, $0.066 and $0.064 levels. In case bulls put in more pressure, the break out may occur at the resistance level of $0.070, and the resistance level of $0.072 may be reached, which may lead to further uptrend towards $0.074 level. The relative strength index Period 14 on the daily chart is at the 54 levels pointing up to indicate buy signal.

TRX/USD Price Medium-term Trend: Ranging

On the 4-Hour chart, the price is on the ranging movement. The crypto is range-bound within the resistance level of $0.070 and the support level of $0.069. It seems the bulls are exerting more pressure and the price is inclining towards the upper trend line of the ascending channel formed. The buyers need more pressure to break up the upper trend line. The price is trading within the “ascending channel” pattern.

The 9-day EMA interlocked with the 21-day EMA with the price hovering over and around the two EMAs. However, the relative strength index Period 14 is at 55 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.