Tron (TRX/USD) May Experience a Bearish Reversal at $0.064 Resistance Level

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Seller may dominate the Tron market soon

 TRON Price Analysis – 18 January

The price of Tron could drop to $0.058 and $0.055 levels if the bears’ momentum breaks through the $0.061 support level. Should buyers apply additional force and the daily candle breaks over and close above the $0.064 mark, the price may increase to the $0.066 resistance level and then may reach $0.069.

Key Levels:

Resistance levels: $0.064, $0.066, $0.069

Support levels: $0.061, $0.058, $0.055

TRX/USD Long-term Trend: Bullish

On the daily chart, Tron is bullish. The bulls mustered up the bravery a few weeks ago, and the price climbed from the $0.045 support level. A long-tailed pin bar candle indicates a price rejection by the bull’s opposition against the bears. Although the price has increased, $0.058 has provided resistance. Last two weeks, the price was ranging between $0.55 and $0.52. On 11 January, The resistance level of $0.55 was broken upside and the price soared to test the $0.066 resistance level.

Tron pulls back when it tested the $0.066 level. Slow-moving averages and quick-moving averages are separated, demonstrating continuous bullish movement. The price of Tron could drop to $0.058 and $0.055 levels if the bears’ momentum breaks through the $0.061 support level. Should buyers apply additional force and the daily candle breaks over and close above the $0.064 mark, the price may increase to the $0.066 resistance level and then may reach $0.069.

 

TRX/USD Medium-term Trend: Bullish

On the 4-hour chart, Tron is moving higher. The buyers’ upward momentum is being stopped by the ongoing presence of the $0.064 resistance level. Bearish attempts to break through the $0.061 support level failed. The current price of Tron ranges from $0.064 to $0.061.

Tron is currently trading slightly 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 51 levels and is pointing downward which indicate 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.