Sellers’ momentum is increasing in Tron market
TRON Price Analysis – 24 May
Tron could fall to $0.072 and $0.070 levels if the sellers’ momentum pushes through the $0.074 support level, The $0.079 and $0.081 resistance levels can be reached if Tron moves past the $0.077 resistance level and buyers keep their zeal.
Key Levels:
Resistance levels: $0.077, $0.079, $0.081
Support levels: 0.074, $0.072, $0.070
TRX/USD Long-term Trend: Bearish
On the daily chart, Tron is moving downwards. After the bullish breakout at the support level of $0.070 on 20 May, bulls’ momentum continuously increased. The former resistance levels of $0.072 and $0.074 turned to support. The high of $0.079 resistance level was reached on 23 May. Bullish pressure failed and the just-mentioned level could not be penetrated. Today, a strong daily bearish engulfing candle emerges and the price is reducing.
The coin retains its trading above the dynamic resistance levels as the two EMAs diverge. The $0.079 and $0.081 resistance levels can be reached if the price moves past the $0.077 resistance level and buyers keep their zeal. If the sellers’ momentum pushes through the $0.074 support level, the price of Tron could fall to $0.072 and $0.070 levels.
TRX/USD Medium-term Trend: Bearish
On the 4-hour chart, Tron is moving in a bearish direction. After a protracted period of consolidation movement between $0.064 and $0.067 levels, buyers eventually placed the price at $0.079 resistance level. As the momentum of purchases become weak, the price is pulling back trying to penetrate the $0.077 level downside.
Tron is currently breaking down its 9- and 21-period exponential moving averages. The relative strength index’s period 14 signal line is pointing down at level 58, indicating a sell signal.
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