TRX/USD Slumps to $0.068 Low – Cryptovibes.com – Daily Cryptocurrency and FX News
https://ift.tt/3HHB8WW
Tron Price Analysis – January 6
The Tron price is currently hovering within the bear market and may possibly extend the bearish movement towards the south.
TRX/USD Market
Key Levels:
Resistance levels: $0.080, $0.085, 0.090
Support levels: $0.060, $0.055, $0.050
TRX/USD opens the day around the $0.070 level, touching the daily high at $0.071 but it’s now moving lower level where it is currently trading around $0.070 after touching the daily low of $0.068 level. However, the coin has been trading below the 9-day and 21-day moving averages with a loss of 1.29% at the time of writing.
Tron Price Analysis: Tron (TRX) May Continue the Downtrend
Yesterday, TRX bulls attempted to clear past the $0.078 major resistance level before being overpowered by the strong selling pressure triggering a bearish trend for the coin. Today, the Tron price is sliding below the moving averages to create a fresh monthly low near $0.065. TRX/USD is consolidating losses toward the lower boundary of the channel as the Relative Strength Index (14) keeps facing the downtrend.
However, if TRX/USD fails to clear the rejections near $0.071, there is a possibility of further decline. The next critical supports could be found at $0.060, $0.055, and $0.050. But if the bulls manage to push the price above the upper boundary of the channel, the crypto could hit the resistance levels at $0.080, $0.085, and $0.090.
TRX/BTC Market: Price Keeping Moving Sideways
Against Bitcoin, Tron (TRX) keeps ranging at the time of writing, the sideways movement may continue within the market if the bears stepped into the market, the crypto is likely to create a new low. As of now, the technical indicator Relative Strength Index (14) is likely to cross below 40-level, which indicates that traders may follow the downside.
However, TRX/BTC is likely to create a bullish movement, if the 9-day MA crosses above the 21-day MA. Meanwhile, traders can expect critical support at 155 SAT and below if the coin faces the south. Moreover, if the bulls push the coin above the moving averages; traders can then confirm an upward movement for the market and the closest resistance level lie at 175 SAT and above.
Cryptocurrency
