TRX/USD Secures $0.064 Support to Boost Bullish Momentum – Cryptovibes.com – Daily Cryptocurrency and FX News
https://ift.tt/3Gv85py
Tron Price Analysis – January 14
The Tron price may soon display a significant bullish move as the market remains above the moving averages.
TRX/USD Market
Key Levels:
Resistance levels: $0.080, $0.085, 0.090
Support levels: $0.055, $0.050, $0.045
The daily chart reveals that TRX/USD is trying to cross above the 9-day moving average which may likely increase the urge for the upward movement. Further bullish movement may push the market price to the potential resistance at $0.080, $0.085, and $0.090. Now that the bulls are coming up into the market, TRX may likely go long in the next few days if the buyers keep regrouping well in the market, otherwise, the market may begin a short-term downtrend.
Tron Price Analysis: Where is TRX Price Going Next?
As the Tron price begins a fresh uptrend, it is very likely for it to touch the nearest resistance at $0.070. On the contrary, traders can expect close support below the 9-day moving average, where the price recently touched the daily low of $0.064 a few hours ago. Therefore, the $0.055, $0.050, and $0.045 support levels may come into play if the price falls back and face the lower boundary of the channel.
Regardless of the above analysis, the Tron market is still looking bearish on the daily chart as the technical indicator Relative Strength Index (14) keeps moving below 40-level to show the current negative move in the market.
TRX/BTC Market: Currently Trading Below the Moving Averages
Comparing with Bitcoin, TRX is currently trading below the 9-day and 21-day moving averages within the channel. However, if the bullish pressure continues, the Tron price may begin to move to the upside. For now, the technical indicator Relative Strength Index (14) is crossing above 40-level as the coin begins a new trend.
However, traders may expect close support at 155 SAT before breaking to 145 SAT and below. More so, if the coin continue to move and validates a break above the 9-day and 21-daymoving averages; traders can then confirm a bull-run for the market and the potential resistance level may be found at 170 SAT and above.
Cryptocurrency
