Tron’s (TRX/USD) Price: Can This Be a Bearish Reversal or Pullback?

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Sellers may dominate the Tron market soon

TRON Price Analysis – 25 January

The price of Tron may drop to $0.055 and $0.052 levels if the bears’ momentum breaks through the $0.058 support level. Should buyers apply additional force and the daily candle breaks over and close above the $0.061 mark, the price may increase to the $0.064 resistance level and then may reach $0.066.

Key Levels:

Resistance levels: $0.061, $0.064, $0.066

Support levels: $0.058, $0.055, $0.052

TRX/USD Long-term Trend: Bullish

On the daily chart, Tron is bullish. The resistance level of $0.064 was tested when the bulls mustered up the bravery a few weeks ago. The price bounced from the $0.052 support level and the bulls’ momentum forced the price to break up the former resistance level of $0.052, $0.055. The price has tested $0.064 level twice, indicating that there may be a bearish reversal at the mentioned level.

At the moment, Tron is pulling back and it is trading between the slow-moving average and quick-moving average demonstrating bearish movement. The price of Tron may drop to $0.055 and $0.052 levels if the bears’ momentum breaks through the $0.058 support level. Should buyers apply additional force and the daily candle breaks over and close above the $0.061 mark, the price may increase to the $0.064 resistance level and then may reach $0.066.

TRX/USD Medium-term Trend: Bearish

On the 4-hour chart, Tron is moving lower. The presence of the $0.64 resistance level halts the buyers’ upward momentum. Bears’ attempt to break through the $0.061 support level was successful. The current price of Tron is towards the support level of $0.058.

Tron is currently trading below the 9-period EMA and the 21-period EMA indicating bearish momentum. The signal line for period 14 of the Relative Strength Index is at 42 levels and is pointing upward indicating a buy signal which may be a pullback.

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