Sellers may dominate Tron market
TRON Price Analysis – 15 March
Tron may incline to the $0.069 resistance level after it breaks the $0.066 level when buyers exert more pressure and the daily candle crosses and closes above the $0.066 threshold. In case the sellers’ momentum pushes through the $0.064 support level, the price of Tron could fall to $0.061 and $0.058 levels.
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 in the bullish movement on the daily chart. Due to pressure from buyers, the price tested the high of August at the $0.072 resistance level. The purchasers were contested by the sellers, which stopped the price from rising higher. A bearish engulfing candle formed, supporting the aforementioned scenario. The crypto tested the support level of $0.055 and bounced up with the formation of strong bullish engulfing candle. The price increased and tested the resistance level of $0.069 level. It is currently pulling back.
Tron is now trading above the two EMAs. The price may incline to the $0.069 resistance level after it breaks the $0.066 level when buyers exert more pressure and the daily candle crosses and closes above the $0.066 threshold. In case the sellers’ momentum pushes through the $0.064 support level, the price of Tron could fall to $0.061 and $0.058 levels.
TRX/USD Medium-term Trend: Bearish
On the 4-hour chart, Tron is moving lower. During the previous two weeks, when sellers were in charge of the market, the price declined to the $0.055 barrier level. Due to the low bearish momentum, the price was unable to go below the previous level. The price continues to increase above $0.061 and $0.064; it is currently ranging around $0.069 and $0.66 levels.
Tron is currently trading between both the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 signal line is at 51 levels pointing down, giving selling signal.
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