Tron (TRX/USD) Price May Retest Previous Low at $0.058 Support Level

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 Sellers are dominating Tron market

TRON Price Analysis – October 13

Should the sellers push the price to penetrate the previous low support level of $0.060 downside, price may decrease towards the support levels of $0.058 and $0.054. In case the daily candle close above the $0.061 resistance level by the bulls’ pressure, Tron price may incline to $0.062 levels and may extend to $0.064.

TRX/USD Market

Key Levels:

Resistance levels: $0.061, $0.062, $0.064

Support levels: $0.060, $0.058, $0.054

TRX/USD Long-term Trend: Bearish

On the daily chart, Tron is on the bearish movement.  The bulls’ momentum was weak and the Bears’ pressure was low last week. The crypto was not able to break up the resistance level of $0.07. There was high bearish volatility in the market. On 21 September, bears gained more pressure and the former support level of $0.06 was broken downside and the price tested $0.058 support level.

 

Tron is trading below the 9 periods EMA and 21 periods EMA. The former has crossed the later downside. Should the sellers push the price to penetrate the previous low support level of $0.060 downside, price may decrease towards the support levels of $0.058 and $0.054. In case the daily candle close above the $0.061 resistance level by the bulls’ pressure, Tron price may incline to $0.062 levels and may extend to $0.064.

TRX/USD Medium-term Trend: Bearish

Tron is on the bearish movement in the 4-hour chart. The crypto was range-bound within $0.062 and $0.061 levels last week. The pressure from the buyers push up the price to test the resistance level of $0.064 two times. This resulted in the formation of double top chart pattern. It is a bearish pattern and the price followed the trend targeting the previous low at $0.058 level. There is tendency for price to retest the just mentioned level before it continue bullish trend.

 

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 42 levels and the signal line displaying 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.