Tron’s (TRX/USD):  A Bullish Breakout at $0.055 Resistance Level Envisaged

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There may be a chance for a bullish breakout in the Tron market

 TRON Price Analysis – 11 January

Should buyers apply additional force and the daily candle breaks over and close above the $0.055 mark, the price may increase to the $0.058 resistance level and then may reach $0.061. The price of Tron could drop to $0.045 and $0.040 levels if the bears’ momentum breaks through the $0.052 level support level.

Key Levels:

Resistance levels: $0.055, $0.058, $0.061

Support levels: $0.052, $0.045, $0.040

TRX/USD Long-term Trend: Ranging

On the daily chart, Tron is varying. A few weeks ago, the bulls were able to generate enough courage and the price rose from the $0.045 support level. Indicating a price rejection by the bull’s opposition against the bears is the formation of a long-tailed pin bar candle. Price has risen, but $0.058 has presented resistance. Both buyers and sellers are evenly represented, and the price is fluctuating between $0.55 and $0.52 at the moment.

The slow-moving average and quick-moving average are linked, demonstrating continuous range movement. Currently, the price is fluctuating between $0.055 and $0.052, and it appears that both the bulls’ and bears’ impetus are equal. Should buyers apply additional force and the daily candle breaks over and close above the $0.055 mark, the price may increase to the $0.058 resistance level and then may reach $0.061. The price of Tron could drop to $0.045 and $0.040 levels if the bears’ momentum breaks through the $0.052 level support level.

TRX/USD Medium-term Trend: Ranging

According to the 4-hour chart, Tron is moving in a range. The $0.052 support level is still in place and is deterring the sellers’ downward drive. Bullish attempts to surpass the $0.055 resistance level were unsuccessful. Tron is now priced between $0.052 and $0.055.

Tron is currently trading above the 9-period EMA and the 21-period EMA at close contact, indicating a consolidation momentum. The signal line for period 14 of the Relative Strength Index is at 59 levels and is pointing downward which indicates a sell signal.

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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.