Sellers’ momentum may increase in Tron market
TRON Price Analysis – 11 May
The $0.072 and $0.074 resistance levels may be reached if the price moves higher than the $0.070 resistance level and buyers keep up their enthusiasm. If the sellers’ momentum pushes through the $0.069 support level, the price of Tron could fall to $0.067 and $0.064 levels.
Key Levels:
Resistance levels: $0.070, $0.072, $0.074
Support levels: 0.069, $0.067, $0.064
TRX/USD Long-term Trend: Bullish
Tron is in a bullish movement on the daily chart. The cryptocurrency started moving in a range between $0.067 and $0.064 levels more than four weeks ago. Sellers attempted to breach the $0.064 support level on April 12 but were unable to keep up the bearish momentum. On April 29, the buyers picked up more steam and broke over the $0.067 resistance level. More powerful bullish candles developed and the $0.069 level was reached. Tron’s price pulled back to retest the dynamic support level. At the moment, bulls are returning to the market.
As the two EMAs diverge, the coin is trading above the dynamic resistance levels. The $0.072 and $0.074 resistance levels may be reached if the price moves higher than the $0.070 resistance level and buyers keep up their enthusiasm. If the sellers’ momentum pushes through the $0.069 support level, the price of Tron could fall to $0.067 and $0.064 levels.
TRX/USD Medium-term Trend: Bullish
Tron is on a bullish movement in the 4-hour chart. After a protracted period of consolidation movement between $0.064 and $0.067 levels, buyers eventually won out over sellers. The buying momentum picked up and the level of $0.067 was broken. The price reached the high of $0.70 and is presently carrying out retracement.
The exponential moving averages of 9 and 21 periods are currently being crossed downside by Tron. The period 14 signal line of the relative strength index is heading downward at level 47 indicating a sell signal which may be a pullback.
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