Tron (TRX/USD) Price: Buyer Are Gaining Momentum After Price Retracement

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An increase in bullish momentum in Tron market

TRON Price Analysis – October 26

When the daily candle close below the $0.061 support level by the bears’ pressure, Tron price may reduce to $0.061, $0.060 levels and may reach $0.058. In case buyers push the price above the resistance level of $0.063, price may test the resistance levels of $0.064 and $0.066.

TRX/USD Market

Key Levels:

Resistance levels: $0.063, $0.064, $0.066

Support levels: $0.061, $0.060, $0.058

TRX/USD Long-term Trend: Bullish

On the daily chart, Tron is bullish on the daily chart. The sellers’ momentum became weak when the price reached the support level of $0.058 on October 13. That is what led to formation of long tailed pin bar daily candle. Buyers gained momentum and the price increases. The former resistance level of $0.060 and $0.061 are already broken upside by the buyers’ pressure. Tron tested the resistance level of $0.063 and pulled back. Buyers are gaining more momentum at the moment.

Tron is trading above the 9 periods EMA and 21 periods EMA. The fast moving average is above the slow moving average as an indication of bullish movement. When the daily candle close below the $0.061 support level by the bears’ pressure, Tron price may reduce to $0.061, $0.060 levels and may reach $0.058. In case buyers push the price above the resistance level of $0.063, price may test the resistance levels of $0.064 and $0.066.

TRX/USD Medium-term Trend: Bullish

On the 4-hour chart, Tron is on the bullish movement. When the price tested the resistance level of $0.063, it pulled back because the level holds. The support level of $0.61 was retested and the price consolidates for few days. Since yesterday, buyers are gaining more pressure and price is increasing.

Tron is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish market. The Relative Strength Index periods 14 is at 63 levels and the signal line displaying bullish direction.

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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.