Low momentum in Tron market
TRON Price Analysis – 22 March
When buyers gain more momentum the Tron may increase to the $0.070 and $0.072 resistance levels provided it breaks the $0.069 level. In case the sellers’ momentum pushes through the $0.066 support level, the price of Tron could fall to $0.064 and $0.061 levels.
Key Levels:
Resistance levels: $0.069, $0.070, $0.072
Support levels: $0.066, $0.064, $0.061
TRX/USD Long-term Trend: Bullish
Tron is in the bullish movement on the daily chart. Last month, when the pressure from buyers was high, the price reached the high of $0.072 resistance level. The sellers opposed the purchasers, which interrupted the price increase. A bearish engulfing candle formed, supporting the aforementioned scenario. The crypto declined and tested the support level of $0.055 on 10 March. It bounced up with the formation of a strong bullish engulfing candle. The price increased and tested the resistance level of $0.069 level. Since last week, the price has been trading within $0.069 and $0.066 levels.
Tron retains trading above the two EMAs. When buyers gain more momentum the price may increase to the $0.070 and $0.072 resistance levels provided it break the $0.069 level. In case the sellers’ momentum pushes through the $0.066 support level, the price of Tron could fall to $0.064 and $0.061 levels.
TRX/USD Medium-term Trend: Ranging
On the 4-hour chart, Tron is on ranging movement. The price declined to the $0.055 barrier level when sellers were in charge of the market three weeks ago. Due to the low bearish momentum, the price was unable to break down the previous level. A double bottom chart pattern is noticed at $0.055 level. The price continues to increase above $0.061 and $0.064; it is currently ranging between $0.069 and $0.66 levels
Tron is currently trading around both the 9-period and 21-period exponential moving averages. The relative Strength Index period 14 signal line is at 58 levels pointing up, giving buying signal.
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