Tron (TRX) Price Analysis – October 4
Tron price is now breaking-up out of the downward trend on the daily time frame – which shows that the market is following a bullish sentiment.
Resistance levels: $0.018, $0.020, 0.022
Support levels: $0.012, $0.010, $0.008
Looking at the chart, it has been revealed that the buyers are regrouping well within the 9-day and 21-day moving averages at $0.018, $0.020, and $0.022 resistance levels. Now that the bulls are gaining control of the market, XRP may continue to go long in the next few days if the buyers keep regrouping well in the market. Otherwise, the market may resume the short-term downtrend. However, trading volume is now increasing as volatility now becomes revealing with choppy price actions.
More so, if the market pulls back, we can expect close support at $0.013, where the price recently touched two days. The $0.012, $0.010 and $0.008 support levels may come into play if the price falls back below the channel formation. Regardless of the above analysis, the Tron market is still looking bullish on the daily chart. The RSI (14) is now climbing back to show the current positive move in the market, now moving towards the mid-band to confirm the bulls are coming back in the market.
When we compare with Bitcoin, Tron (TRX) is trading on the upside as the price is moving within the ascending channel and above the 9-day and 21-day moving averages. Similarly, as the trading volume comes up slowly, the buying pressure has already resumed and the Tron price variation continues the uptrend. The TRX/BTC daily chart reveals that the stochastic RSI faces level 80, the price movement may likely enter the overbought zone if the bulls keep on pushing it upward.
However, TRX/BTC is trading around 178 SAT. Traders can expect a close resistance at the 195 SAT before breaking to 200 SAT and potentially 205 SAT levels. Nevertheless, if the bearish steps-in and validate a break below the 9-day and 21-day moving averages; we can then confirm a downtrend for the market and the closest support levels could be 150 SAT, 145 SAT and 140 SAT respectively.
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