Tron (TRX/USD) Price May Increase and Break Up $0.055 Resistance Level

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Bullish momentum may increase in the Tron market

TRON Price Analysis – 07 December

Should sellers gain more pressure and the daily candle close below the $0.052 level, the price may decrease toward the $0.045 support level, it may extend to $0.040. An increase in the bulls’ momentum may break up the resistance level of $0.055, Tron price may increase to $0.058, and $0.061 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: Bearish

Tron is on the bearish movement on the daily chart. The price fell from the high of $0.06 resistance level. The support level of $0.058 and $0.055 was penetrated and the low of $0.045 was tested on 14 November by the pressure from the sellers. The bearish movement was interrupted by the bulls and the price pulls back to retest the resistance level of $0.055. The price is currently ranging between $0.055 and $0.052 levels.

The fast-moving average has crossed the slow-moving average upside as an indication that bulls are prevailing and Tron is trading between the 9-periods EMA and 21-periods EMA. Should sellers gain more pressure and the daily candle close below the $0.052 level, the price may decrease toward the $0.045 support level, it may extend to $0.040. An increase in the bulls’ momentum may break up the resistance level of $0.055, and Tron price may increase to $0.058, and $0.061 levels.

TRX/USD Medium-term Trend: Bullish

Tron is on the bullish movement on the 4-hour chart. The bearish movement could not break down the support level of $0.045 and it was rejected. A Bullish engulfing candle pattern emerged and the price started increasing slowly toward the resistance level of $0.055. The coin may break up the just mentioned level and head toward the resistance level of $0.058

Tron is trading around the 9 periods EMA and 21 periods EMA as a sign of a low bullish market. The Relative Strength Index period 14 is at 48 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.