Tron (TRX) Price Analysis – February 9
Since the month started, Tron (TRX) has recorded a significant bullish move as the market rises from $0.018 to $0.021.
Resistance levels: $0.024, $0.025, 0.026
Support levels: $0.019, $0.018, $0.017
Tron (TRX) is showing a sign of strength as the market records a price gain of $0.5%. A couple of days ago, TRX/USD was slightly bearish, wherein the price fell from $0.023 to $0.020 before it later closed at $0.021. Today, the price has gone to $0.023 but later dropped to $0.021 where it is currently trading. The TRX/USD 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, $0.025 and $0.026 before we can consider more levels for the trade. A down surge, however, could bring the market to $0.019, $0.018 and $0.017 supports after a possible break at $0.020. The RSI (14) has maintained trading in sideways at the overbought zone, showing an indecisive movement.
Comparing with BTC, Tron (TRX) has started following the downward trend and as the price is moving towards the lower boundary of the ascending channel. Tron price may likely see another sharp drop at 205 SAT support level if it moves below the 21 periods EMA. Breaking this level could further push the market to the nearest support levels at 195 SAT and below.
However, TRX is currently changing hands at 215 SAT and if the bulls can hold the price and push it to the north, the next resistance key lies at 235 SAT and 240 SAT respectively. Reaching these levels may likely move the market to another resistance level of 245 SAT. Meanwhile, RSI (14) has nosedived below the 60-level, showing a downward movement.
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