Tron (TRX/USD) Price Is Under Strong Sellers’ Pressure

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Bearish momentum increases in the Tron market

TRON Price Analysis – 09 November

An increase in the bears’ momentum may push the coin below the $0.058 support level, Tron price may decrease to $0.057, and $0.055 levels. In case buyers gain more power, price may increase above $0.060 resistance level, above it are $0.061 and $0.062 levels.

TRX/USD Market

Key Levels:

Resistance levels: $0.060, $0.061, $0.062

Support levels: $0.058, $0.057, $0.055

TRX/USD Long-term Trend: Bearish

Tron is on the bearish movement on the daily chart. The coin was on a ranging movement last week. Toward the end of last week the market was volatile and that cause much significant movement in the Tron market.  The bulls gained momentum and push the coin to test the resistance level of $0.066. The sellers rejected the bullish movement and exert more pressure, it then decreases to the support level of $0.058.

Tron is trading below the 9 periods EMA and 21 periods EMA. The fast moving average is below the slow moving average as an indication that bears are prevailing. An increase in the bears’ momentum may push the coin below the $0.058 support level, Tron price may decrease to $0.057, and $0.055 levels. In case buyers gain more power, price may increase above $0.060 resistance level, above it are $0.061 and $0.062 levels.

TRX/USD Medium-term Trend: Bearish

On the 4-hour chart, Tron is on the bearish movement. The bullish movement was rejected at the resistance level of $0.064. Bearish engulfing candle emerged and the price started falling to test the low at $0.057. It bounced up and retest the resistance level of $0.064. At the moment, price is under strong sellers’ momentum.

Tron is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish market. The Relative Strength Index periods 14 is at 40 levels and the signal line displaying bearish 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.