TRON (TRX/USD) Price Pulls Back Towards $0.074 Level

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Sellers gain more momentum in TRON market

 TRON Price Analysis – 30 August

When the buyers’ momentum surpasses the $0.077 resistance level, the price of TRON may rise to $0.079 and $0.081 levels. The support levels of $0.072 and $0.070 may be breached if the price of cryptocurrency declines past the $0.074 barrier level and sellers remain interested.

Key Levels:

Resistance levels: 0.077, $0.079, $0.081

Support levels: $0.074, $0.072, $0.070

TRX/USD Long-term Trend: Bearish

TRON is bearish on the daily chart. The price dropped to the $0.072 support level on July 28 as a result of the negative trend, which started on that day. As the bearish momentum grew, the previous support level was destroyed. Bearish pressure eventually overcame the initial hurdle of $0.081 and persisted. The price started to decline more rapidly as a sizable daily bearish candle developed. The current price levels of $0.081, $0.079, and $0.077 serve as resistance levels. Bears protect the $0.077 level as resistance, and the price is currently declining.

The coin trades just below the dynamic resistance levels as the fast EMA tries to cross the slow EMA downward. When the buyers’ momentum surpasses the $0.077 resistance level, the price of TRON may rise to $0.079 and $0.081 levels. The support levels of $0.072 and $0.070 may be breached if the price of cryptocurrency declines past the $0.074 barrier level and sellers remain interested.

TRX/USD Medium-term Trend: Bearish

The movement of TRON is bearish on the 4-hour chart. At the $0.070 and $0.074 levels, which act as supports, a short “W” chart pattern is visible. The levels mentioned above mark the beginning of this bullish reversal movement. TRON is increasing as the bulls gain strength. The resistance level of $0.077 is currently being tested by the price. The buyers’ momentum could not break up the just-mentioned level and it is causing the price to retrace. TRON is now available at $0.074 zone.

TRON is trading below exponential moving averages of 9 and 21 periods. The relative strength index’s period 14 signal line is pointing lower at level 35, providing a sell signal.

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