Tron (TRX) Price Analysis – September 26
As long as the sellers continue to release the pressure into the market, traders can expect the TRX/USD to remain in a bearish range.
Supply levels: $0.018, $0.020, 0.022
Demand levels: $0.008, $0.006, $0.004
The recent sell-off has made Tron’s price to plunge from $0.018 to $0.0127, amounting to a price change of -3.48% a few hours ago. In fact, the technical indicators have also fallen to their lowest levels as the trend is favorable for bears. Currently, the TRX/USD is down, as the market looks for closer support to contain the current massive declines. However, the $0.008, $0.006 and $0.004 demand levels could provide support for the market if the selling pressure continues.
Meanwhile, the coin is currently trading at a price level of $0.0127. Now, the price action is eroding bearishly on the daily chart after a sell-off. If $0.012 can act as a support level, Tron’s price may test the previous resistance again at $0.018, $0.020 and $0.022 respectively. For now, there is no sign of bullish movement. The main support for this market is $0.010. In the long run, it is always suggested that TRX is following a bearish sentiment. The RSI has now fallen below level 40 after witnessing a huge reduction in the price of Tron over the past few days.
Against Bitcoin, Tron (TRX) is trading on the upside, although the price is moving to cross above the moving averages. As the trading volume coming up slowly, if the buying pressure resumes, the TRX price variation may likely continue the uptrend. For now, the stochastic RSI faces level 40.
However, as the price moves within the channel at 158 SAT. Traders can expect a close resistance at the 190 SAT before breaking to 200 SAT and potentially 210 SAT levels. Moreover, if the bearish steps-in and validate a break below the 9-day and 21-day EMA; we can then confirm a downtrend for the market and the closest support levels to target are 116 SAT and 114 SAT.
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