Buyers’ momentum may increase in Tron market
TRON Price Analysis – 03 May
When the price rises past the $0.070 resistance level and buyers maintain their momentum, the $0.072 and $0.074 resistance levels can be hit. The price of Tron may drop to $0.066 and $0.064 levels if the sellers’ momentum breaks through the $0.069 support level.
Key Levels:
Resistance levels: $0.070, $0.072, $0.074
Support levels: 0.069, $0.066, $0.064
TRX/USD Long-term Trend: Bullish
On the daily chart, Tron is in a bullish movement. More than four weeks ago, the cryptocurrency commenced a ranging movement between $0.067 and $0.064 levels. On 12 of April, sellers made an attempt to break down the support level of $0.064 but were unable to maintain the bearish momentum. The buyers gained more momentum on 29 April to break up the $0.067 resistance level. More strong bullish candles formed and break up the $0.069 level. The bullish momentum may continue in the Tron market.
The coin is trading above the dynamic resistance levels as the two EMAs diverge. When the price rises past the $0.070 resistance level and buyers maintain their momentum, the $0.072 and $0.074 resistance levels can be hit. The price of Tron may drop to $0.066 and $0.064 levels if the sellers’ momentum breaks through the $0.069 support level.
TRX/USD Medium-term Trend: Bullish
Tron is on a bullish movement in the 4-hour chart. Buyers eventually prevailed over sellers after a long period of consolidation movement between $0.064 and $0.067 levels. Buyers’ momentum increased and broke up the $0.067 level. Price is currently struggling to break up the $0.070 resistance level.
The exponential moving averages of 9 and 21 periods are currently being crossed upside by Tron. The period 14 signal line of the relative strength index is heading downward at level 59 and is giving a sell signal which may be a pullback.
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