Tron (TRX/USD) Price: Will There Be Further Price Reduction Below $0.045?

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Bearish momentum increases in the Tron market

TRON Price Analysis – 16 November

An increase in the bears’ momentum may decrease the price further, below the $0.045 support level in which, Tron price may decrease to $0.040, and $0.030 levels. In case buyers oppose the sellers and gain more power, the price may increase toward $0.052 resistance level, of course, it may extend to $0.055 and $0.058.

TRX/USD Market

Key Levels:

Resistance levels: $0.052, $0.055, $0.058

Support levels: $0.045, $0.040, $0.037

TRX/USD Long-term Trend: Bearish

Tron is on the bearish movement on the daily chart. Two weeks ago, the crypto was ranging within the $0.058 and $0.066 levels. This low volatility mode was caused by the low momentum of both the bulls and the bears. Sellers eventually prevailed by gaining more momentum and breaking down the support level of $0.058. More pressure from the bears was exerted and the price declined to test the $0.045 support level.

The fast-moving average is below the slow-moving average as an indication that bears are prevailing and Tron is trading below the 9-periods EMA and 21-periods EMA. An increase in the bears’ momentum may decrease the price further, below the $0.045 support level in which, Tron’s price may decrease to $0.040, and $0.030 levels. In case buyers oppose the sellers and gain more power, the price may increase toward the $0.052 resistance level, of course, it may extend to $0.055 and $0.058.

TRX/USD Medium-term Trend: Bearish

On the 4-hour chart, Tron is on the bearish movement. After the rejection of the bullish movement at the resistance level of $0.064. A candle pattern called Bearish engulfing candle emerged and the price started falling toward the support level at $0.045. The coin is pulling back to retest the resistance level of $0.052.

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