TRX/USD Moves Under $0.082 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Tron Price Analysis – December 28
Tron price action is presently trading in a bear market and may possibly extend below the moving averages.
TRX/USD Market
Key Levels:
Resistance levels: $0.090, $0.095, 0.100
Support levels: $0.070, $0.065, $0.060
TRX/USD pair opens the day around the $0.81 level, reaching the daily high at $0.082 but now moving to a lower level where it touches the $0.074 support but currently trading at $0.077. However, the Tron (TRX) is currently trading below the $9-day and 21-day moving averages as it is down by 4.79% at the time of writing.
Tron Price Analysis: What Could Be the Next Direction?
A few days ago, the Tron price attempted to cross above the upper boundary of the channel before being overpowered by the selling pressure triggering a bearish trend for the TRX/USD pair. At the time of writing, the Tron price is sliding below the 9-day and 21-day moving averages to create another low near $0.082. The coin may consolidate losses below the moving averages as the Relative Strength Index (14) is likely to cross below 40-level suggesting an additional bearish signal.
In other words, if TRX/USD fails to cross above the daily the channel, there is a possibility of further decline where the next critical supports may be located around $0.070, $0.065, and $0.060. However, if the bulls could manage to push the Tron price above the upper boundary of the channel, the crypto could hit the resistance levels at $0.090, $0.095, and $0.100.
TRX/BTC Market: Price Keeps Moving Sideways
Against Bitcoin, the Tron price is currently moving sideways at the time of writing. The price action remains below the 9-day and 21-day moving averages as the Tron (TRX) is likely to create a new low in the coming days. As of now, the technical indicator Relative Strength Index (14) is making an attempt to cross above 40-level, which indicates that traders may continue to see a negative move in the market.
According to the daily chart, the 9-day MA is still moving below the 21-day MA, this implies that traders should expect more downtrends and as critical support is located at 150 SAT and below. Moreover, if the bulls steal the show and push the market price above the 9-day and 21-day MAs; the market may experience an upward movement and the closest resistance level lie at 175 SAT and above.
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