Tron (TRX) Price Analysis – April 9
After breaking the important 50-day moving average line, Tron has been following a bullish sentiment. Having retested a close support level, a buying pressure is more likely to send price to the next resistance level. TRX is up by 7.2% in the last 24-hours of trading. At the moment, the buyers are gaining control of the market.
Resistance levels: $0.032, $0.034, $0.036
Support levels: $0.028, $0.026, $0.024
Maintaining a side-way move for over three weeks; Tron market steadily followed a bullish sentiment after a successful cross up on the important 50-day moving average (yellow line). The bigger picture is clearly shown on the 4-hours MACD as April opening recorded a monthly high of $0.032 yesterday before a slight drop. Currently, a bounce up builds to a close resistance at $0.032 level. A further incline could meet next resistance at $0.034 and $0.036 levels.
Respecting the yellow line, a bearish play could possibly found support at $0.028 level. A cross down on the yellow line may send the token to a red zone. Meanwhile, the 4-hours RSI is revealed close to the 80 line. TRXUSD is still trading around the green zone. However, more buying pressure is expected in the next few hours of trading.
Against Bitcoin, Tron has been on a long fall for over weeks; respecting the 50-day moving average (yellow line). On March 23, the bulls attempted to tilt up trade but the buying pressure was not enough to sustain price above the yellow line. The market has since been struggling to surpass the strong line. Yesterday, TRXBTC spiked to 610 SAT high and retraced to 560 SAT. The 4-hours MACD revealed the positive move.
If the buyers managed to sustain price above the important 50-day MA; we may experience a medium-term bull-run. The next key target is likely at 620 SAT resistance level and above. However, a swing low could possibly make a bottom at 540 SAT support level. A further decline may reposition the token in bearish territory. The 4-hours RSI trend is slowly rising; signaling a bullish play.
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