TRON (TRX/USD) Price: A Bearish Reversal Envisaged at $0.079 Level

Sellers’ momentum is increasing in TRON market

TRON Price Analysis – 31 May

In case TRON advances past the $0.077 resistance level and buyers maintain their fervor, the $0.079 and $0.081 resistance levels can be hit. The price could drop to $0.072 and $0.070 levels if the sellers’ momentum breaks through the $0.074 support level.

Key Levels:

Resistance levels: $0.077, $0.079, $0.081

Support levels: 0.074, $0.072, $0.070

TRX/USD Long-term Trend: Bearish

On the daily chart, TRON is moving downwards. On May 20, a bullish breakout occurred at the $0.070 support level, continuing the bulls’ upward momentum. The $0.072 and $0.074 resistance levels have changed to support. On May 23, the resistance level high of $0.079 was attained. Bullish pressure failed, making it unable to break through the previous level. Tron is falling as a powerful daily bearish engulfing candle forms.

As the two EMAs split, the coin is trading between the dynamic resistance levels. In case the Crypto advances past the $0.077 resistance level and buyers maintain their fervor, the $0.079 and $0.081 resistance levels can be hit. The price of TRON could drop to $0.072 and $0.070 levels if the sellers’ momentum breaks through the $0.074 support level.

TRX/USD Medium-term Trend: Bearish

On the 4-hour chart, TRON is moving in a bearish direction. Buyers eventually set the price at the $0.079 resistance level after a protracted period of consolidation movement between $0.064 and $0.067 levels. The price is retreating in an effort to break through the $0.077 barrier on the downside as the selling enthusiasm strengthens.

TRON is currently breaking down its 9- and 21-period exponential moving averages. The relative strength index’s period 14 signal line is pointing up at level 43, indicating a buy signal which may be a pullback.

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