Tron (TRX) Price Analysis – January 28
The technical indicator for TRX/USD is still holding on the positive side after the recent price drop in the market.
Resistance levels: $0.0200, $0.0205, 0.0210
Support levels: $0.0160, $0.0155, $0.0150
The price of Tron is steadily maintaining a higher high and higher low over the past few days, making the market to touch $0.0176 on January 18. A couple of days ago, the price of Tron rose from $0.0160 to $0.0182 where it is currently trading at the moment. More so, the TRX market is currently up by +6.31% while the price is still moving above the 9-day and 21-day moving averages, bringing the market under the bull radar as the RSI (14) is preparing to cross into the overbought zone.
Moreover, in as much the TRX/USD pair continues to shape in an ascending channel pattern, traders can expect the market to keep maintaining a bullish movement before the price could hit the target resistance level at $0.0190. Similarly, touching the mentioned-level, the next buying pressure may likely reach $.0200, $0.0205 and $0.0210 resistance. But if the price actions drive beneath the channel formation, the token may fall to $0.0160, $0.0155 and $0.0150 support levels.
Comparing with Bitcoin, Tron (TRX) is trading on the upside, although the price action has just crossed above the moving averages, the coin moved from 192 SAT to 209 SAT. As the trading volume coming up slowly, if the selling pressure resumes, the TRX price variation may likely begin to form a new downtrend. For now, the RSI (14) moves towards the 65-level which makes the market to be strong at the uptrend movement.
However, as the price moves to break out of the channel at the 207 SAT. We can expect close resistance at the 210 SAT before breaking to 215 SAT and potentially 218 SAT levels. Moreover, if the bearish steps-in and validate a break below the moving averages; we can then confirm a downtrend for the market and the closest support levels lie at 180 SAT and below.
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