Tron (TRX) Price Analysis – November 2
Since the first day of this month, Tron (TRX) is yet to display a significant bullish move as the market continues to move in sideways.
Resistance levels: $0.024, $0.026, 0.028
Support levels: $0.016, $0.014, $0.012
Tron (TRX) is showing a sign of strength as the market records a price gain of $3.35%. A few days ago, TRX/USD was extremely bearish, wherein the price fell from $0.022 to $0.019. Today, the price has gone up to $0.020 where it is currently trading. The daily price is now trending above the 9-day moving average as the trading volume decreases. While TRX remains in an unstable market, a price surge is more likely to play out.
However, for an upsurge, the Tron price may meet the nearest resistances at $0.024, $0.026, and $0.028 before we can consider more levels for the trade. A down surge, however, could plummet the market to $0.016, $0.014 and $0.012 supports after a possible break at $0.018. The RSI has maintained trading in sideways and moving above the 80-level, showing an indecisive movement.
Comparing with BTC, Tron (TRX) is still trading on the downside and bulls are making an attempt to step back into the market. Tron price may likely see another sharp drop at 200 SAT support if it moves below the 9-day moving average. Breaking this level could further push the market to the nearest support levels at 193 SAT and below.
However, TRX is currently changing hands at 215 SAT and if the bulls can hold the price tight as it is, the next key target price lies at 240 SAT and 250 SAT respectively. Reaching these levels may likely move the market to another resistance level of 260 SAT. Meanwhile, RSI (14) is moving around level 60 and may likely give some possible bullish signals soon.
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