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.
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