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

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

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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.

You can purchase crypto coins here: Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News