Bears’ momentum increases in TRON’s market
TRON Price Analysis – 22 November
The price of TRON may surpass the $0.104 and $0.110 barriers if the buying momentum surges above the resistance level at $0.101. Should sellers persist and TRON drop below $0.097, it may be possible to breach the support levels of $0.094 and $0.090.
Key Levels:
Resistance levels: $0.101, $0.104, $0.110
Support levels: $0.097, $0.094, $0.090
TRX/USD Long-term Trend: Bearish
On the daily chart, TRON is presently trading in the red. Last two weeks, buyers were in control of the market. The upward trend peaked on 03 October at $0.090. Buyers were able to hold the price peaked at $0.110 level on 13 November. The pressure from purchasers decreased in the market. On November 14, a bearish engulfing candle appeared, and the price began to fall. The $0.101 support level was broken and $0.094 support level is tested. At the moment, it is pulling back.
The price of the coin has fallen below the dynamic support levels as a result of the fast EMA crossing the slow EMA lower. The price of TRON may surpass the $0.104 and $0.110 barriers if the buying momentum surges above the resistance level at $0.101. Should sellers persist and TRON drops below $0.097, it may be possible to breach the support levels of $0.094 and $0.090.
TRX/USD Medium-term Trend: Bearish
On the 4-hour chart of TRON, the price trend is bearish. When TRON tested the $0.110 resistance level and failed to break through, the bulls’ euphoria waned. It fluctuates at the same level for a week. Bulls are still testing the previously mentioned resistance level, sellers are defending the $110 level, and the price is dropping toward $0.094.
The price of TRON is presently below the exponential moving averages with 9 and 21 periods. The relative strength index’s period 14 signal line is pointing upward at level 32, suggesting a buy which may be a pullback.
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