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Sellers are defending $0.090 level in TRX/USD market – but a bearish reversal is possible
TRON Price Analysis – 11 October
When buyers’ momentum breaks through the $0.090 resistance level, t TRON may rise to $0.094 and $0.097 levels. A bearish reversal is envisaged. The support levels of $0.082 and $0.081 may be breached if the price of TRXUSD falls below the $0.085 barrier level and sellers remain interested.
Key Levels:
Resistance levels: $0.090, $0.094, $0.097
Support levels: 0.085, $0.082, $0.081
TRX/USD Long-term Trend: Bearish
TRON is trading in the red on the daily chart. The bullish momentum that commenced on 18 August peaked at the resistance level of $0.090 on 03 October. As it seeks to move above the just-mentioned level, sellers are defending the level. Last week, the price was consolidating within the $0.09 and $0.085 levels. At the moment, it seems sellers are exerting more pressure in the market to break down $0.085 level.
The fast EMA is crossing the slow EMA lower at this time, pushing the coin’s price below the dynamic support levels. When buyers’ momentum breaks through the $0.090 resistance level, the price of TRON may rise to $0.094 and $0.097 levels. The support levels of $0.082 and $0.081 may be breached if the price of TRON falls below the $0.085 barrier level and sellers remain interested.
TRX/USD Medium-term Trend: Bearish. A Bearish Reversal Envisaged
TRON price trend is bearish on the 4-hour chart. When the coin tested the resistance level of $0.090, the bulls’ momentum wane and could not break up the level. It ranges around the level for a week. Bears’ pressure is increasing and the support level of $0.085 may be broken downside.
TRON is currently trading below both the 9- and 21-period exponential moving averages. The period 14 signal line for the relative strength index is pointing down at level 38, indicating a sell.
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