Buyers may dominate the Tron market
TRON Price Analysis – 01 March
Tron may incline to the $0.072 resistance level after it breaks the $0.070 level when buyers exert more pressure and the daily candle crosses over and closes above the $0.070 threshold. In case the sellers’ momentum pushes through the $0.069 support level, the price of Tron could fall to $0.066 and $0.064 levels
Key Levels:
Resistance levels: $0.070, $0.072, $0.074
Support levels: $0.069, $0.066, $0.064
TRX/USD Long-term Trend: Bullish
Tron is in the bullish movement on the daily chart. The price tested the previous August high at the $0.072 resistance level due to pressure from buyers. When buyers predominated in the market, the previous resistance levels of $0.064, $0.066 and $0.069 changed to support levels.
Today, the appearance of a bullish engulfing candle give the bulls the confidence to challenge the bears at $0.069. The market for Tron is currently dominated by buyers, and the price is increasing toward the previous high at $0.070 resistance level. Tron is now trading above the two EMAs. The price may incline to the $0.072 resistance level after it breaks the $0.070 level when buyers exert more pressure and the daily candle crosses over and closes above the $0.070 threshold. In case the sellers’ momentum pushes through the $0.069 support level, the price of Tron could fall to $0.066 and $0.064 levels.
TRX/USD Medium-term Trend: Bullish
On the 4-hour chart, Tron is moving higher. The market was controlled by buyers last two weeks, and the price rose to the $0.072 resistance level. Bullish momentum weakened, preventing the price from rising over the previous level. Further pressure from sellers causes the price to fall near the $0.066 level, which acts as support. The price is rejected at $0.066 and currently increasing toward the previous high of $0.072.
Tron is currently trading above both the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 signal line is at 61 levels and pointing up, giving buying signal.
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