Tron (TRX/USD) Price Is Struggling to Break Down $0.064 Support Level
Login

Tron (TRX/USD) Price Is Struggling to Break Down $0.064 Support Level

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Sellers’ momentum increases in Tron market

TRON Price Analysis – 12 April

If Tron breaches the $0.066 resistance level the $0.069 and $0.070 resistance levels may be reached and buyers gain further traction. If the sellers’ momentum pushes through the $0.064 support level, the price of Tron could fall to $0.061 and $0.058 levels.

Key Levels:

Resistance levels: $0.066, $0.069, $0.070

Support levels: $0.064, $0.061, $0.058

TRX/USD Long-term Trend: Bearish

Tron is in the bearish movement on the daily chart. The momentum of both buyers and sellers has been weak for more than two weeks. When buyers’ pressure was at its strongest last month, the price rose to the $0.072 barrier level. The price increase was stopped because the sellers protested the buyers. The emergence of a bearish engulfing candle provided confirmation of the aforementioned scenario. The price of Tron fell and tested a support level of $0.058 on March 10. The price tested the $0.064 support level and pulled back. The price is currently trying to break down the mentioned level.

The two EMAs are being traded below by Tron. The $0.069 and $0.070 resistance levels may be reached if the price breaches the $0.066 resistance level and buyers gain further traction. If the sellers’ momentum pushes through the $0.064 support level, the price of Tron could fall to $0.061 and $0.058 levels.

TRX/USD Medium-term Trend: Bearish

Tron is on a bearish movement in the 4-hour chart. When sellers were in control of the market three weeks ago, the price fell to the $0.055 threshold. The price was unable to rise above the previous level since there was no bullish momentum. The price was trading between $0.066 and $0.64. Today, sellers prevailed over buyers and the support level of $0.066 was broken downside, $0.064 level was tested.

Tron is currently trading below both 9-period and 21-period exponential moving averages. Relative Strength Index period 14 signal line is at 38 levels pointing up, giving buying signal.

You can purchase crypto coins here: Buy LBLOCK

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News