Buyers’ momentum is increasing in Tron market
TRON Price Analysis – 17 May
When Tron rises above the $0.070 resistance level and buyers maintain their enthusiasm, the $0.072 and $0.074 resistance levels may be attained. The price of Tron could drop to $0.067 and $0.064 levels if the sellers’ momentum breaks through the $0.069 support level.
Key Levels:
Resistance levels: $0.070, $0.072, $0.074
Support levels: 0.069, $0.067, $0.064
TRX/USD Long-term Trend: Bullish
On the daily chart, Tron is moving upwards. More than four weeks ago, the cryptocurrency began fluctuating in a range between $0.067 and $0.064 levels. On April 12, sellers made an effort to break through the $0.064 support level, but they were unable to maintain the bearish momentum. The buyers gained additional momentum on April 29 and crossed the $0.067 resistance level. The $0.069 level was attained as more potent bullish candles formed. Bulls are currently entering the market again trying to push the coin above $0.070.
The coin is trading above the dynamic resistance levels as the two EMAs diverge. When the price rises above the $0.070 resistance level and buyers maintain their enthusiasm, the $0.072 and $0.074 resistance levels may be attained. The price of Tron could drop to $0.067 and $0.064 levels if the sellers’ momentum breaks through the $0.069 support level.
TRX/USD Medium-term Trend: Bullish
On the 4-hour chart, Tron is moving in a bullish direction. Buyers eventually prevailed over sellers after a protracted period of consolidation movement between the $0.064 and $0.067 levels. The price broke through the threshold of $0.067 as the purchasing momentum increased. Price is currently breaking up at a high of $0.70.
Tron is currently breaking above its 9- and 21-period exponential moving averages. The relative strength index’s period 14 signal line is pointing higher at level 60, indicating a buy signal.
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