Sellers may dominate the Tron market soon
TRON Price Analysis – 01 February
Tron might rise to the $0.066 resistance level and then reach $0.069 if buyers exert further pressure and the daily candle breaks over and close above the $0.064 threshold. If the bears’ momentum pushes through the $0.061 support level, the price of Tron could fall to $0.058 and $0.055 levels
Key Levels:
Resistance levels: $0.064, $0.066, $0.069
Support levels: $0.061, $0.058, $0.055
TRX/USD Long-term Trend: Bullish
Tron is bullish on the daily chart. The bulls’ momentum led the price to break through the previous resistance level of $0.052, $0.055 after the price rebounded from the $0.052 support level. The bulls mustered the courage a few weeks ago to test the resistance level of $0.064.
The price has twice tested the $0.064 level, suggesting that there might be a negative reversal there. Tron is currently retracing and trading between the slow and quick-moving averages, showing bearish activity. The price might rise to the $0.066 resistance level and then reach $0.069 if buyers exert further pressure and the daily candle breaks over and close above the $0.064 threshold. If the bears’ momentum pushes through the $0.061 support level, the price of Tron could fall to $0.058 and $0.055 levels.
TRX/USD Medium-term Trend: Bearish
On the 4-hour chart, Tron is moving lower. The $0.64 resistance level exists and halts the upward momentum of the purchasers. The bears are yet to succeed in their attempt to breach the $0.061 support level. The price of Tron is currently pressing hard at the $0.058 support level.
Tron is currently trading below the 9-period EMA and the 21-period EMA indicating bearish momentum. The signal line for period 14 of the Relative Strength Index is at 43 levels and is pointing downward indicating a sell signal.
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