Tron (TRX) Price Analysis – October 19
The bulls show their commitment as the market approaches the $0.015 resistance level during a retracement move.
Resistance levels: $0.018, $0.020, 0.022
Support levels: $0.013, $0.011, $0.009
A few days ago, the price of Tron peaked at $0.018 after a healthy two-week correction. But now the coin has bottomed around $0.0154 as a result of recent bearish actions. In the last few hours, the TRX market experienced a slight price spike with gains of 0.85%.
Last week, the price of Tron was rejected at $0.017, and the market now seemed to rise sharply above the 21-day moving average on the daily chart. Breaking across the lower limit of the channel indicates the shorting of the TRX/USD pair. The potential support to watch for at the moment is $0.013, $0.011 and $0.009 before we can confirm a bearish pursuit.
For the moment, the bulls show their commitment as the market approaches the resistance of $0.016 during a retracement move. A significant rise above the mentioned resistance could allow a new rise to $0.018, $0.020 and $0.022 resistance levels while the stochastic RSI gets closer to the oversold.
When compared with Bitcoin, Tron (TRX) is trading on the upside as the price is still moving within the ascending channel and above the moving average of 21 days. The trading volume maintains its bullish trend guiding against the selling pressure to resume back into the market.
Meanwhile, the TRX/BTC daily chart reveals that the stochastic RSI has entered into the overbought zone. However, the pair is currently trading around 196 SAT, if the price could rise more, we can then confirm an uptrend for the market and the closest resistance levels could be 220 SAT and 230 SAT. But any downward movement could drag it to the nearest support levels of 170 SAT and 160 SAT.
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