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Bulls’ momentum increases in TRON’s market
TRON Price Analysis – 08 November
If the purchasing momentum breaks past the $0.101 resistance level, TRON’s price can rise above the $0.110 and $0.121 levels. If sellers don’t give up and TRON falls below $0.097, the support levels of $0.094 and $0.090 can be crossed.
Key Levels:
Resistance levels: $0.101, $0.110, $0.121
Support levels: $0.097, $0.094, $0.090
TRX/USD Long-term Trend: Bullish
TRON is currently trading in the green on the daily chart. On October 3, at $0.090, the ascending trend reached its peak from August 18. When the price attempted to climb over the level, sellers were unable to hold it. Over the previous two weeks, the price dropped to test the $0.085 mark. The market is seeing a rise in buyers’ pressure. A bullish engulfing candle emerged on October 15, and the price started to rise. This week, as buyer pressure mounts, the $0.101 resistance level is put to the test.
Due to the fast EMA crossing the slow EMA higher, the currency’s price has surged beyond the dynamic support levels. If the purchasing momentum breaks past the $0.101 resistance level, TRON’s price can rise above the $0.110 and $0.121 levels. If sellers don’t give up and TRON falls below $0.097, the support levels of $0.094 and $0.090 can be crossed.
TRX/USD Medium-term Trend: Bullish
On the 4-hour chart of TRON, the price trend is bullish. When TRON tested the $0.090 resistance level and failed to break through, the bulls’ euphoria faded. It bounces around the level for a week. Bulls are still pushing through the resistance level that was previously mentioned, and $0.101 is now under challenge.
As of right now, TRON’s price is above both the exponential moving averages with periods of 9 and 21. The relative strength index’s period 14 signal line is pointing upward at level 53, suggesting a buy.
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