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Sellers are taken over TRON’s market
TRON Price Analysis – 17 January
If the purchasing trend holds over the resistance level at $0.110, the price of TRON may rise above the $0.114 and $0.117 barriers. If selling continues, TRON may be able to surpass the support levels of $0.105 and $0.101 if it falls below the $0.108 mark.
Key Levels:
Resistance levels: $0.110, $0.114, $117
Support levels: $0.108, $0.105, $0.101
TRX/USD Long-term Trend: Bullish
The movement of TRON’s daily chart is erratic. The price of the cryptocurrency has been bouncing between $0.108 and $0.101 since three weeks ago. The buyers were unable to break through the $0.110 resistance level. Buyers tried last week, but sellers gained the power to break down $110 level. The $0.108 support level was retested. Today, buyers are gaining momentum to push the price towards the previous high.
The fact that the price is above the Hull Suite indicator suggests a bullish market. The QQE MOD indicator, which is above zero, is an indication of bullish trend. If the purchasing trend holds over the resistance level at $0.110, the price of TRON may rise above the $0.114 and $0.117 barriers. If selling continues, TRON may be able to surpass the support levels of $0.105 and $0.101 if it falls below the $0.108 mark.
TRX/USD Medium-term Trend: Bearish
The 4-hour chart indicates that TRON is bearish. The bulls’ exultation has subsided over the past two weeks as TRON has been unable to break over the $0.117 barrier level. For over a week, it reversed at the same rate, breaking down the support levels of $0.110 and $0.108 barrier levels. As the price got closer to $0.105 and passed the previously indicated barrier, sellers persisted. Bears might keep pushing, as the price is trying to break below the $0.108 line.
Currently, TRON is less expensive than the Hull Suite. On the other hand, the QQE MOD is below zero, and the red color indicates a sell.
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