Tron (TRX/USD) Price Is Increasing and Breaking Up $0.055 Resistance Level

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The bullish momentum may increase in the Tron market

TRON Price Analysis – 14 December

Should buyers gain more pressure and the daily candle close above the $0.055 level, Tron may increase toward the $0.058 resistance level, which may extend to $0.061. An increase in the bears’ momentum may break down the support level of $0.052, and Tron price may decrease to $0.045, and $0.040 levels.

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. When the price dropped to the support level of $0.045 on 14 November from the high of $0.06 resistance level. A long-legged pin bar formed at the same level indicates that bulls are ready to take over the market. The price increased to the resistance level of $0.055, it pulled back to retest the $0.052 support level. Both bears and bulls lose momentum and the price started ranging between $0.55 and $0.52 levels.

Today, the bulls’ momentum increased and the price is currently increasing trying to break up the resistance level of $0.055. The fast-moving average is above the slow-moving average as an indication that bulls are prevailing and Tron is trading above the 9-periods EMA and 21-periods EMA. Should buyers gain more pressure and the daily candle close above the $0.055 level, the price may increase toward $0.058 resistance level, which may extend to $0.061. An increase in the bears’ momentum may break down the support level of $0.052, and Tron price may decrease to $0.045, and $0.040 levels.

TRX/USD Medium-term Trend: Bullish

Tron is on the bullish movement on the 4-hour chart. The sellers’ momentum failed when the price reached the support level of $0.045 and the sellers’ pressure could not break down the support level of $0.045. A Bullish engulfing candle pattern formed triggered the price increase to the $0.055 resistance level. The coin commences a ranging movement. At the moment, bull pressure is increasing and it is breaking up the $0.055 resistance level.

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 70 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.