Tron (TRX/USD) Price: Can Bulls Prevail Over Bears at Support Level of $0.045?

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Weak bearish momentum in the Tron market

TRON Price Analysis – 23 November

When there is an increase in the bears’ momentum, Tron may decrease below the $0.045 support level in which, Tron’s price may decrease to $0.040, and $0.030 levels. Should buyers exert more pressure and the daily candle close above the $0.052 level, the price may increase toward $0.055 resistance level, it may extend to $0.058.

TRX/USD Market

Key Levels:

Resistance levels: $0.052, $0.055, $0.058

Support levels: $0.045, $0.040, $0.037

TRX/USD Long-term Trend: Bearish

Tron is on the bearish movement on the daily chart. There was no significant movement in the Tron market last week. The bearish momentum pushed the price to the support level of $0.045 with high pressure. The bulls reacted against the bearish movement and push up the price toward the resistance level of $0.052. The bulls’ momentum is weak and could not break up the just-mentioned level. It is currently consolidating within the $0.052 and $0.045.

The fast-moving average is below the slow-moving average as an indication that bears are prevailing and Tron is trading below the 9-periods EMA and 21-periods EMA. When there is an increase in the bears’ momentum, the price may decrease below the $0.045 support level in which, Tron’s price may decrease to $0.040, and $0.030 levels. Should buyers exert more pressure and the daily candle close above the $0.052 level, the price may increase toward the $0.055 resistance level, it may extend to $0.058.

TRX/USD Medium-term Trend: Ranging

On the 4-hour chart, Tron is on the ranging movement. The bullish movement was rejected at the resistance level of $0.064 on 09 November. A Bearish engulfing candle pattern emerged and the price started falling toward the support level of $0.045. The coin pulled back to retest the resistance level of $0.052. The momentum of both bulls and bears became weak and the price is ranging within $0.052 and $0.045 levels.

Tron is trading over and around the 9 periods EMA and 21 periods EMA as a sign of a ranging market. The Relative Strength Index period 14 is at 52 levels and the signal line displays a bearish 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.