Tron (TRX) Price Analysis – October 26
The bulls show their commitment as the market approaches the $0.015 resistance level during a retracement move.
Resistance levels: $0.019, $0.021, 0.023
Support levels: $0.013, $0.011, $0.009
The recent sell-off has made the price of Tron to plunge drastically from $0.021 to $0.016, amounting to a price change of -7.41% a few hours ago. In fact, the RSI (14) has similarly fallen with a sharp drop below 60-level while the trend turns out in favor of the bears. As of now, TRX is falling as the market looks for nearby support to contain the current massive drops.
However, the $0.013 zone could provide support for the market if the selling pressure continues. Following the on-going down-surge, the TRX/USD pair has not been able to break the ascending channel pattern to the downside, but it is now approaching the nearest support at $0.015.
More so, if the $0.014 can act as a support level, the price of Tron may touch the resistance levels at $0.019, $0.021 and $0.023. As of now, there’s no sign for a bullish move. The primary support for this market lies at $0.013, $0.011 and $0.009 levels. On the long-term perspective, TRX is still suggested to be following a bearish sentiment.
Against Bitcoin, the pair followed the downward trend as the market opens today. Presently, the price is trading at the lower boundary of the channel. So if the bears continue to pump more pressure into the market, TRX/BTC may likely hit the critical supports at 160 SAT and below.
However, the RSI (14) indicator shows that the market may continue to follow the downward trend as the signal line moves below level 45 and this could cause more harm to the bulls. In other words, a reversal might come to play if the key support of 178 SAT could hold the price and there might be a bull-run towards the next resistance levels of 220 SAT and above.
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