Tron (TRX) Price Analysis – October 9
TRON (TRX) has been able to set higher lows almost every day since the end-of-September crash. The bulls quickly created a daily uptrend today but later saw a price drop.
Supply levels: $0.020, $0.022, 0.024
Demand levels: $0.012, $0.010, $0.008
A few days ago, the bulls managed to break out of the channel to cross above the moving averages of 9-day and 21-day. But today, the bears took over by bringing the price back into the channel. Beforehand, Tron price started a strong rise above the $0.0170 resistance levels to gain more than 1% and it later surpassed the $0.0170 and touched the 0.0181 resistance level. A strong bullish movement could take it to the potential resistance levels of $0.020, $0.022 and $0.024 respectively.
Moreover, the current daily chart shows that the price is pulling back and we can expect close support at $0.014, where the price started from two days ago. The $0.012, $0.010 and $0.008 support levels may likely come into play if the price falls below the channel formation. Regardless of the above analysis, the Tron market is still looking bullish and the RSI (14) is still around level 60 to show the current positive movement in the market.
Against Bitcoin, Tron (TRX) is trading on the upside as the price moves within the ascending channel and above the moving averages (9 and 21 days MA). Today, the price started falling down immediately after it touches the 209 SAT level. The trading volume maintains its trend slowly; the selling pressure resumes back into the market.
In other words, the TRX/BTC daily chart reveals that the RSI (14) faces down after making an attempt to enter into the overbought zone. However, the pair is currently trading around 196 SAT, if the price could fall more and break below the 9-day and 21-day moving averages; we can then confirm a downtrend for the market and the closest support levels may likely be 160 SAT and 150 SAT. But any upward movement could push it to the nearest resistance levels of 230 SAT and 240 SAT.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.