Tron’s (TRX/USD) price swings between $0.052 and $0.055 levels

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There may be a chance for a bearish breakout in the Tron market

TRON Price Analysis – 04 January

Should buyers exert more pressure and the daily candle breaches the $0.055 level, price may rise to the $0.058 resistance level, which may extend to $0.061. In case the bears’ momentum pushes through the $0.052 level support level, the price of Tron could fall to $0.045 and $0.040 levels.

Key Levels:

Resistance levels: $0.055, $0.058, $0.061

Support levels: $0.052, $0.045, $0.040

TRX/USD Long-term Trend: Ranging

Tron is fluctuating on the daily chart. The price climbed from the $0.045 support level after the bulls were able to muster enough strength. A long-tailed pin bar candle formed, signifying a price rejection by the bull’s opposition against the bears. Price has climbed and has encountered resistance at $0.058. The price begins to swing between $0.55 and $0.52 when both buyers and sellers are equally represented,

The price is currently ranging between $0.055 and $0.052, and both the bulls’ and bears’ momentum seems to be identical. The fast-moving average is interlocked with the slow-moving average, indicating continuous range movement. Tron is trading over the 9-period EMA and the 21-period EMA. Should buyers exert more pressure and the daily candle breaches the $0.055 level, the price may rise to the $0.058 resistance level, which may extend to $0.061. In case the bears’ momentum pushes through the $0.052 level support level, the price of Tron could fall to $0.045 and $0.040 levels.

TRX/USD Medium-term Trend: Ranging

Tron is moving in a range on the 4-hour chart. The sellers’ upward momentum is being resisted by the support level of $0.052, which is remaining in place. Bullish attempts to break through the resistance level of $0.055 failed. Currently, the cost of Tron ranges from $0.052 to $0.055.

Tron is currently trading around the 9-period EMA and the 21-period EMA, indicating a consolidation momentum. The signal line for period 14 of the Relative Strength Index is at 48 levels and is pointing downward which indicates sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.