Sellers’ pressure increases
TRON Price Analysis – 24 January
The price of TRON might break over the $0.110 and $0.114 barriers if the buying momentum continues above the resistance level at $0.108. If selling persists, TRON might be able to break through the $0.105 barrier and reach the support levels of $0.101 and $0.097.
Key Levels:
Resistance levels: $0.108, $0.110, $0.114
Support levels: $0.105, $0.101, $0.097
TRX/USD Long-term Trend: Bearish
The daily chart of TRON moves in an unpredictable way. Since three weeks ago, the cryptocurrency’s price has been fluctuating between $0.108 and $0.101. The $0.110 resistance level was not overcome by the buyers. Although buyers made an attempt last week, sellers were able to break through the $110 mark. We retested the $0.108 support level. It appears that sellers are gathering steam today to drive prices closer to their prior lows.
A bearish market is indicated by the price being below the Hull Suite indicator. Because the QQE MOD indicator is below zero, it indicates a bearish trend. The price of TRON might break over the $0.110 and $0.114 barriers if the buying momentum continues above the resistance level at $0.108. If selling persists, TRON might be able to break through the $0.105 barrier and reach the support levels of $0.101 and $0.097.
TRX/USD Medium-term Trend: Bearish
The 4-hour chart shows a gloomy outlook for TRON. Over the last two weeks, the bulls’ euphoria has diminished as TRON has failed to breach above the $0.117 barrier. It reversed at the same pace for over a week, breaking through the $0.110 and $0.108 barrier levels of support. Sellers continued as the price approached $0.105 and over the previously marked barrier. Since the price is attempting to fall below the $0.105 barrier, bears may continue to press.
At the moment, TRON is less costly than the Hull Suite. Conversely, a sell is indicated by the red color when the QQE MOD is less than zero.
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