Tron (TRX) Price Analysis – July 9
Tron (TRX) was caught in the market pressure and was suffering in the entire last week. But when the price of Tron was compared with the first day of July till now, the outcome was surprising.
Supply levels: $0.041, $0.051, 0.061
Demand levels: $0.025, $0.015, $0.005
Tron (TRX) is at an astounding level. The coin took a leap during the first half of the day and started dealing at $0.035. The coin began an upward movement since July 5 where it moved from $0.031 and continued until yesterday that it gives a surprising upsurge in the market.
At the moment, Tron price continues to move sideways within the channel and trading at $0.034. In the scenario where it maintains the upward movement above the 55-day moving average, the buyers may likely find a supply at $0.041, $0.51 and $0.61. Conversely, the sellers may have potential demand at $0.025, $0.015 and $0.005 levels as the stochastic RSI is recovering from the oversold zone with MACD indicator giving few bearish signals.
More than a month ago, TRX/BTC followed a descending channel model with low trading volume. As it turned out, the bearish situation could probably end because the coin is around a high level of support. The price of Tron is currently trading at 274SAT and could near a support level at 200SAT and 180SAT.
However, in case of a surge, TRX may be brought to the next upward trend and the closest key resistance level to reach is 380SAT and beyond. But if the rise does not occur, TRX/BTC would continue to remain bearish. For the moment, the bears are still in control while the RSI (14) falls below the 40-level.
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