Sellers are dominating Tron market
TRON Price Analysis – 08 March
The price may decline to the $0.058 support level after it breaks the $0.061 level when sellers exert more pressure and the daily candle crosses and closes below the $0.064 threshold. In case the buyers’ momentum pushes through the $0.066 resistance level, the price of Tron could rise to $0.069 and $0.070 levels.
Key Levels:
Resistance levels: $0.066, $0.069, $0.070
Support levels: $0.064, $0.061, $0.058
TRX/USD Long-term Trend: Bearish
Tron is in the bearish movement on the daily chart. When the price tested the previous August high at the $0.072 resistance level due to pressure from buyers. Sellers challenged the purchasers and this prevented further price increases. The just mentioned scenario was backed up with the formation of a bearish engulfing candle. The previous support levels of $0.069 and $0.066 changed to resistance levels. Today, the appearance of a daily bearish candle give the sellers the confidence of dominating the market further.
Tron is now trading below the two EMAs. The price may decline to the $0.058 support level after it breaks the $0.061 level when sellers exert more pressure and the daily candle crosses and closes below the $0.064 threshold. If the buyers’ momentum pushes through the $0.066 resistance level, the price of Tron could rise to $0.069 and $0.070 levels.
TRX/USD Medium-term Trend: Bearish
On the 4-hour chart, Tron is moving lower. The price increased to the $0.072 barrier level during the last two weeks when buyers had control of the market. The price was unable to surpass the previous level due to waning bullish momentum. Additional selling pressure pushes the price below $0.066; it is currently aiming for $0.064 level.
Tron is currently trading below both the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 signal line is at 33 levels and pointing down, giving selling signal.
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