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Sellers’ momentum may increase in Tron market
TRON Price Analysis – 19 April
If Tron breaks through the $0.066 resistance level and buyers gain further momentum, the $0.069 and $0.070 resistance levels can be hit. The price of Tron may drop to $0.061 and $0.058 levels if the sellers’ 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: Ranging
Tron is in a ranging movement on the daily chart. The Crypto was on the bearish movement last week. Bulls opposed the bears at $0.61 support level. The price pulled back to $0.064 level. The momentum of both buyers and sellers became weak which was the situation before last week. Last month, when buyers’ pressure was at its peak, the price increased to the $0.072 barrier level. The vendors objected to the price rise, which led to a halt. A bearish engulfing candle that appeared afterward offered proof of the bearish movement. At the moment, Tron is consolidating between $0.066 and $0.064.
The two EMAs are coming together and the coin is trading around the dynamic resistance levels. In case the price breaks through the $0.066 resistance level and buyers gain further momentum, the $0.069 and $0.070 resistance levels can be hit. The price of Tron may drop to $0.061 and $0.058 levels if the sellers’ momentum breaks through the $0.064 support level
TRX/USD Medium-term Trend: Ranging
Tron is on a ranging movement in the 4-hour chart. Three weeks ago, the price dropped to the $0.055 level when sellers were in charge of the market. Since there was no bullish momentum, the price was unable to move above the previous level. The scenario caused a fluctuation in value between $0.066 and $0.64. Today, sellers outnumbered buyers, breaking the $0.066 support level on the downside envisaged.
Tron is currently hovering over both 9-period and 21-period exponential moving averages. Relative Strength Index period 14 signal line is at 41 levels pointing down, giving selling signal.
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