Buyers may continue to dominate the Tron market
TRON Price Analysis – 08 February
When buyers apply further pressure and the daily candle crosses over and closes above the $0.066 threshold, Tron may increase to the $0.069 resistance level before it tests $0.070 level. The price of Tron could drop to $0.061 and $0.058 levels if the bears’ momentum breaks through the $0.064 support level.
Key Levels:
Resistance levels: $0.066, $0.069, $0.070
Support levels: $0.064, $0.061, $0.058
TRX/USD Long-term Trend: Bullish
Tron is bullish on the daily chart. After the price bounced off the $0.052 support level, the bulls’ momentum caused the price to surpass the prior resistance level of $0.058, $0.061, and $0.064.The bulls got the confidence to attempt the $0.064 resistance level last week. Bulls gained momentum to break $0.064 and tested $0.066 level.
With positive action, Tron is currently trading above the slow and quick-moving averages. When buyers apply further pressure and the daily candle crosses over and closes above the $0.066 threshold, the price may increase to the $0.069 resistance level before it tests $0.070 level. The price of Tron could drop to $0.061 and $0.058 levels if the bears’ momentum breaks through the $0.064 support level.
TRX/USD Medium-term Trend: Bullish
On the 4-hour chart, Tron is moving higher. Early last week, sellers dominated the market and the price retraced to $0.058 level. The $0.58 support level exists and halts the downward momentum of the sellers. The buyers were favored in their attempt to breach the $0.064 resistance level. The price of Tron is currently pressing hard at the $0.066 resistance level.
Tron is currently trading above the 9-period EMA and the 21-period EMA indicating bullish momentum. The signal line for period 14 of the Relative Strength Index is at 62 levels and is pointing upward indicating a buy signal.
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