Tron’s (TRX/USD) Price: Bearish Reversal at $0.072 Resistance Level, Further Price Declination Envisaged

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Sellers may dominate the Tron market

 TRON Price Analysis – 22 February

Tron may decline to the $0.066 support level before it tests the $0.064 level when sellers exert more pressure and the daily candle crosses over and closes below the $0.066 threshold. In case the buyers’ momentum pushes through the $0.069 resistance level, the price of Tron could rise to $0.070 and $0.072 levels.

Key Levels:

Resistance levels: $0.069, $0.070, $0.072

Support levels: $0.066, $0.064, $0.061

TRX/USD Long-term Trend: Bearish

On the daily chart, Tron is in the bearish movement. Purchasers’ pressure caused the price to test the last August high at the $0.072 resistance level. The previous resistance levels of $0.061, $0.064, and $0.066 turned to support levels when the market was dominated by buyers. Yesterday, the bears felt confident enough to oppose the bulls at $0.072 with the formation of a bearish engulfing candle. Today, sellers continue to dominate Tron’s market and the price is declining to target $0.066 support level.

Tron is now trading between the two EMAs. The price may decline to the $0.066 support level before it tests the $0.064 level when sellers exert more pressure and the daily candle crosses over and closes below the $0.066 threshold. In case the buyers’ momentum pushes through the $0.069 resistance level, the price of Tron could rise to $0.070 and $0.072 levels.

 

TRX/USD Medium-term Trend: Bearish

On the 4-hour chart, Tron is moving lower. Last week, the market was dominated by buyers and the price increased to the resistance level of $0.072. Bullish momentum became weak and the price could not increase above the just-mentioned level. Sellers gain more pressure and the price declines toward the support level of $0.066 level. Further price decrease envisaged.

Tron is currently trading below both the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 signal line is at 39 levels and pointing down, giving selling signal.

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