Low momentum in Tron market
TRON Price Analysis – 29 March
When buyers gain more momentum the price may increase to the $0.069 and $0.070 resistance levels provided it breaks the $0.066 level. In case the sellers’ momentum pushes through the $0.064 support level, the price of Tron could fall to $0.061 and $0.058 levels.
Key Levels:
Resistance levels: $0.066, $0.069, $0.070
Support levels: $0.064, $0.061, $0.058
TRX/USD Long-term Trend: Ranging
Tron is in the bullish movement on the daily chart. When buyers’ pressure was at its highest last month, the price rose to the $0.072 resistance level. The price increase was halted because the sellers resisted the buyers. The aforementioned situation was supported by the formation of a bearish engulfing candle. On March 10, the price of Tron fell and tested the $0.055 support level. It rose after a powerful bullish engulfing candle formed. The price has risen and has tested the $0.069 level of resistance. The price has been fluctuating between $0.069 and $0.064 since last week.
Tron is trading above the two EMAs. When buyers gain more momentum the price may increase to the $0.069 and $0.070 resistance levels provided it break the $0.066 level. In case the sellers’ momentum pushes through the $0.064 support level, the price of Tron could fall to $0.061 and $0.058 levels.
TRX/USD Medium-term Trend: Ranging
On the 4-hour chart, Tron is on ranging movement. When sellers were in control of the market three weeks ago, the price fell to the $0.055 threshold level. The price was unable to penetrate the prior level because of the weak bearish momentum. At the price of $0.055, a double-bottom chart pattern is visible. The price is currently fluctuating between $0.069 and $0.64 levels.
Tron is currently hovering over both the 9-period and 21-period exponential moving averages. The relative Strength Index period 14 signal line is at 57 levels pointing up, giving buying signal.
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