Tron (TRX/USD) Price Is Ranging Within $0.052 and $0.055 Levels

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Bullish Breakout envisaged in the Tron market

TRON Price Analysis – 21 December

In case buyers gain more pressure and the daily candle breaks up the $0.055 level, the price may increase to $0.058 resistance level, which may extend to $0.061. A breakdown of $0.052 level by the bears’ momentum may decrease the price to support level of $0.052, Tron price may reduce 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: Ranging

Tron is on the ranging movement on the daily chart. The bulls were able to gain enough strength when the price bounced up from the support level of $0.045 on 14 November. A long-tailed pin bar candle formed which indicates a price rejection by the bull’s opposition to the bears. Price increases and tested the resistance level of $0.058. Sellers equally opposed the buyers and the price commences a ranging movement within $0.55 and $0.52 levels.

The bulls’ momentum seems to be equal to the bears’ momentum and the price is currently trading within the $0.055 and $0.052 levels. The fast-moving average is above the slow-moving average at close contact as an indication that ranging movement is ongoing. Tron is trading over the 9-periods EMA and 21-periods EMA. In case buyers gain more pressure and the daily candle breaks up the $0.055 level, the price may increase to the $0.058 resistance level, which may extend to $0.061. A breakdown of the $0.052 level by the bears’ momentum may decrease the price to a support the level of $0.052, Tron price may reduce to $0.045, and $0.040 levels.

TRX/USD Medium-term Trend: Ranging

Tron is on the ranging movement on the 4-hour chart. The support level of $0.052 holds and the sellers’ momentum could not break it down. Attempts made by the bulls to break up the resistance level of $0.055 failed.  Tron is currently ranging within the $0.052 and $0.055 levels.

Tron is trading slightly above the 9-periods EMA and 21-periods EMA as a sign of low bullish momentum. The Relative Strength Index period 14 is at 58 levels and the signal line displays a 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.