Buyers are taking over TRON’s market
TRON Price Analysis – 03 January
In case the purchasing trend sustains over the resistance level at $0.112, the price of TRON can break through the $0.120 and $0.128 barriers. Should selling continue, TRON might be able to cross the $0.104 and $0.101 support levels if it falls below $0.109.
Key Levels:
Resistance levels: $0.112, $0.120, $0.128
Support levels: $0.109, $0.104, $0.101
TRX/USD Long-term Trend: Bullish
TRON is experiencing a bullish breakout on the daily chart. The Crypto was on the ranging movement between $0.109 and $0.101 levels since two weeks ago. Efforts made by the sellers to break down the support level of $0.101 proved abortive. Buyers tried yesterday but the sellers opposed the movement. At the moment, buyers are trying to break up the resistance level of $0.109.
The fast EMA has crossed above the slow EMA, the coin’s price is heading above both EMAs, indicating a bullish market. If the purchasing trend sustains over the resistance level at $0.112, the price of TRON can break through the $0.120 and $0.128 barriers. Should selling continue, TRON might be able to cross the $0.104 and $0.101 support levels if it falls below $0.109.
TRX/USD Medium-term Trend: Bullish
TRON is bullish on the 4-hour chart. Last two weeks, the bulls’ excitement subsided when TRON attempted to breach the $0.109 barrier but was unable to do so. For more than a week, it reversed at the same rate and the price remained within the barrier levels of $0.109 and $0.101. As the price gets closer to $0.109, buyers persist and is breaking through the previously indicated threshold. Bulls are still applying pressure, and the price is targeting $0.112 level.
At the moment, 9-day period crossing the 21-day period upside, the price of TRON is higher than the exponential moving averages. The period 14 signal line of the relative strength index is rising at level 56, suggesting a possible upward trend.
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