Tron (TRX/USD) Price: Sellers’ Pressure Is Increasing

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An increase in bearish momentum in Tron market

TRON Price Analysis – November 02

An increase in the bulls’ momentum may push the coin above the $0.063 resistance level by the bulls’ pressure, Tron price may increase to $0.064, and $0.066 levels. In case sellers push the price below the support level of $0.061, price may test the support levels of $0.060 and $0.058.

TRX/USD Market

Key Levels:

Resistance levels: $0.063, $0.064, $0.066

Support levels: $0.061, $0.060, $0.058

 

TRX/USD Long-term Trend: Ranging

Tron is on the ranging movement on the daily chart. There was no much significant movement in the Tron market.  The resistance level of $0.064 still holds and the bullish movement could not break it up. Sellers’ momentum is equally weak and could not break down the support level of $0.060. The price maintain its position, trading within the range of $0.064 and $0.060 levels.

Tron is trading between the 9 periods EMA and 21 periods EMA. The fast moving average is above the slow moving average as an indication that bulls may prevail. An increase in the bulls’ momentum may push the coin above the $0.063 resistance level by the bulls’ pressure, Tron price may increase to $0.064, and $0.066 levels. In case sellers push the price below the support level of $0.061, price may test the support levels of $0.060 and $0.058.

TRX/USD Medium-term Trend: Bearish

On the 4-hour chart, Tron is on the bearish movement. The price tested the resistance level of $0.064 on 30 October. It could not break up the mentioned level. A strong bearish candle formed and the price started falling. The support level of $0.62 is broken downside and it is currently expose to $0.061 support level.

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 38 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.