Tron (TRX) Price Analysis March 7. Since January,
Resistance levels: $0.026, $0.028, $0.03;
Support levels: $0.021, $0.019, $0.018;
In early January, Tron reached the high of $0.0357 and retraced to $0.021 before a swing high to $0.03 resistance level. From there, the token slowly constructs a descending channel pattern; lasting to a strong support at $0.02 on Monday. TRX is currently consolidating at $0.024 price level.
As the price action follows the trend lines, a swing low might send TRX to $0.021 support level, where the lower channel lies. A push might as well provide resistance at $0.026, where the upper channel lies.
In case of a price surge, a bearish move is likely to bottom at $0.018 support and beyond. An upward movement might shoot price to $0.028 and 0.030 resistance levels. As of now, the decline appeared to be stronger. However, a reversal is possible if the low reaches $0.18 support level.
Following late January drop, Tron has been moving in a descending channel with low trading volume. The price action is appearing small as TRX falls – a sign of an exhausting bearish momentum. The 4-hours MACD reflects the decline at the negative level.
Yesterday, TRX tested the upper trend line and the price is currently reaching for a close supports at 550 SAT and 500 SAT. At the mentioned supports, an incline is like to hit 600 SAT resistance, touching the upper channel.
A further surge might take TRX to the next bull-run. The nearest key resistance level is 650 SAT and beyond. But if a surge failed, TRXBTC would continue to remain in a bearish. For now, the bearish are still in control.
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