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Strong bullish momentum in the Tron market
TRON Price Analysis – 23 November
An increase in the bulls’ momentum may increase the price above the $0.055 resistance level, and Tron price may increase to $0.058, and $0.061. Should sellers exert more pressure and the daily candle close below the $0.052 level, the price may decrease toward the $0.045 support level, it may extend to $0.040.
TRX/USD Market
Key Levels:
Resistance levels: $0.055, $0.058, $0.061
Support levels: $0.052, $0.045, $0.040
TRX/USD Long-term Trend: Bullish
Tron is on the bullish movement on the daily chart. The support level of $0.45 was tested on 14 November under the pressure from the sellers. The bearish trend commenced on 08 November from the resistance level of $0.064. A daily solid pin bar formed at the support level of $0.045 indicate a pause to bearish movement. Bulls are currently taking over the market as the price is crossing over the dynamic resistance level.
The fast-moving average is crossing the slow-moving average upside as an indication that bulls are prevailing and Tron is trading above the 9-periods EMA and 21-periods EMA. An increase in the bulls’ momentum may increase the price above the $0.055 resistance level, and Tron price may increase to $0.058, and $0.061. Should sellers exert more pressure and the daily candle close below the $0.052 level, the price may decrease toward the $0.045 support level, it may extend to $0.040.
TRX/USD Medium-term Trend: Bullish
On the 4-hour chart, Tron is on the bullish movement. The bearish movement was rejected at the support level of $0.045 on 14 November. A Bullish engulfing candle pattern emerged and the price started increasing toward the resistance level at $0.055. The coin broke up the former resistance level of $0.052. The momentum of bulls is increasing.
Tron is trading above the 9 periods EMA and 21 periods EMA as a sign of a bullish market. The Relative Strength Index period 14 is at 64 levels and the signal line displays a bullish direction.
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