Bears’ momentum increases in TRON market
TRONPrice Analysis – 09 August
When the sellers’ momentum surpasses the $0.074 support level, the price of TRON could fall to $0.072 and $0.070 levels. The $0.079 and $0.081 resistance levels might be broken if the price of Crypto increases past the $0.077 barrier level and buyers remain engaged.
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 was driven to the resistance level of $0.085 by the bullish trend that began on June 20. Bullish momentum waned, and the prior support level was broken. Bearish pressure overcame the initial obstacle of $0.081 to continue. The price started to decline more rapidly as soon as a sizable daily bearish candle developed. The formerly-supporting prices of $0.081, $0.079, and $0.081 now serve as resistance levels. The coin has broken down $0.077 and is currently supported at a level of $0.074.
The coin trades below the dynamic resistance levels when the fast EMA crosses the slow EMA at this time. When the sellers’ momentum surpasses the $0.074 support level, the price of TRON could fall to $0.072 and $0.070 levels. The $0.079 and $0.081 resistance levels might be broken if the price of Crypto increases past the $0.077 barrier level and buyers remain engaged.
TRX/USD Medium-term Trend: Bearish
The movement of TRON is bearish on the 4-hour chart. The $0.070 zone saw the formation of a double bottom, a bullish reversal chart pattern. As the bulls gained strength, the price started to fly higher. The price reached the $0.094 level. Sellers resisted the change, and the price started falling. TRON is currently ranging between $0.077 and $0.074 levels.
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 48, providing a sell signal.
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