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Sellers’ momentum is increasing in the Tron market
TRON Price Analysis – 07 June
In case the TRON advances past the $0.077 support level and sellers maintain their fervor, the $0.074 and $0.072 support levels can be hit. The price of TRON could increase to $0.081 and $0.082 levels if the buyers’ momentum breaks through the $0.079 resistance level.
Key Levels:
Resistance levels: $0.079, $0.081, $0.082
Support levels: $0.077, 0.074, $0.072
TRX/USD Long-term Trend: Bearish
On the daily chart, TRON is moving downwards. The bullish trend commenced on March 31 at the low of $0.61 level. There was a long period of ranging movement within the $0.067 and $0.064 levels. On May 20, a bullish breakout occurred at the $0.064 resistance level, continuing the bulls’ upward momentum. The $0.072 and $0.074 resistance levels have changed to support. On June 03, the resistance level high of $0.085 was attained. Bullish pressure failed, making it unable to break through the previous level. The price is falling as a powerful inverted pin bar candle forms.
As the two EMAs split, the coin is trading between the dynamic resistance levels. In case the Crypto advances past the $0.077 support level and sellers maintain their fervor, the $0.074 and $0.072 support levels can be hit. The price of TRON could increase to $0.081 and $0.082 levels if the buyers’ momentum breaks through the $0.079 resistance level.
TRX/USD Medium-term Trend: Bearish
On the 4-hour chart, TRON is moving in a bearish direction. After a lengthy period of consolidation between the $0.064 and $0.067 levels, buyers eventually forced the price to the $0.085 resistance level. As the selling frenzy increases, the price is falling in an endeavor to breach the $0.076 resistance level on the downside.
TRON is currently breaking down its 9- and 21-period exponential moving averages. The relative strength index’s period 14 signal line is pointing down at level 38, indicating a sell signal.
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