Tron (TRX) Price Analysis – January 17
In as much as we continue to see a high amount of trading volume in the market, the price of Tron (TRX) will continue to rise.
Resistance levels: $0.0160, $0.0195, 0.0200
Support levels: $0.0150, $0.0145, $0.0140
As it appears on the daily chart, TRX/USD remains in an upward movement after the coin has recorded a 2.1% positive change in today’s trading. More so, as the bullish sentiment continues, the next level of resistance lies at the $0.0190 and $0.0195. A further movement above this price levels may push the price to $0.0200 resistance.
However, considering a downward trend for the TRX/USD pair, traders need to see a nice sell-off below the moving averages bringing the price down to $0.0150, $0.0145, and $0.0140 support levels. As we can see on the chart, the technical indicator appeared to be moving within the overbought zone, suggesting that more bullish signals are in focus.
Comparing with BTC, Tron (TRX) is still trading on the upside, although the price action has remained intact within the channel. If buying pressure persists, the Tron’s price variation is likely to create a new high in the coming days. As of now, the technical indicator RSI (14) has turned up; once the price break out of the channel, we may see more positive moves in the market.
However, the coin is currently trading above the 9-day and 21-day moving averages at 200 SAT. We can expect the nearest resistance at 205 SAT before breaking to 210 SAT and potentially 215 SAT. If a bearish movement occurs and validates a break significantly below the moving averages; we can then confirm a sell-off for the market and the closest support lies at 180 SAT and 175 SAT.
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