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Bearish trend commences in TRON’s market
TRON Price Analysis – 29 November
If the purchasing momentum pushes through the resistance level at $0.104, the price of TRON can break through the $0.110 and $0.112 barriers. In the event that selling continues, TRON might be able to cross the $0.097 and $0.094 support levels if it falls below $0.101.
Key Levels:
Resistance levels: $0.104, $0.110, $0.112
Support levels: $0.101, $0.097, $0.094
TRX/USD Long-term Trend: Bearish
TRON is now trading in the red on the daily chart. Over the past two weeks, buyers dominated the market. At $0.112, the rising trend peaked on November 10. Sellers managed to hold onto the price at its peak of $0.110. There was less buyer pressure in the market. The price started to decline on November 14 after the appearance of a double top chart pattern. The $0.094 support level is tested after the $0.101 support level was breached. Right now, it is declining.
The fast EMA crossed below the slow EMA, which caused the coin’s price to drop below the dynamic support levels. If the purchasing momentum pushes through the resistance level at $0.104, the price of TRON can break through the $0.110 and $0.112 barriers. In the event that selling continues, TRON might be able to cross the $0.097 and $0.094 support levels if it falls below $0.101.
TRX/USD Medium-term Trend: Bearish
The price trend on the 4-hour chart of TRON is bearish. The excitement among bulls subsided when TRON tested the $0.110 barrier level and was unable to break through. For a week, it varies at the same rate. The price is falling approaching $0.094, sellers are holding the $110 level, while bulls are still testing the resistance level that was previously mentioned.
Right now, the price of TRON is less than the 9 and 21-period exponential moving averages. At level 53, the relative strength index’s period 14 signal line is trending upward, indicating a potential bearish trend.
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