Tron (TRX) Price Analysis – February 18
TRX/USD continues an uptrend as the bears come together to increase the selling pressure in the market.
Resistance levels: $0.025, $0.026, 0.027
Support levels: $0.017, $0.016, $0.015
TRX/USD is fluctuating in the bearish zone, which might be a little concern as of now. The main question is when will Tron resume an uptrend? With the looks of things, traders might have to bear some patience to enjoy some returns in the Tron network. Meanwhile, they might want to work upon avoiding any losses if the value is dropping every day as the RSI (14) is still facing the south.
Moreover, the TRX/USD pair is maintaining a downtrend as the bears are preparing for more selling pressure. Looking at the daily chart, the market is consolidating and the potential supports lie at $0.017, $0.016 and $0.015 levels. However, if the bull could step back into the market and move above the 9-day and 21-day moving averages, a trend reversal may surface and push it to the resistance levels at $0.025, $0.026 and $0.027.
Comparing with BTC, Tron (TRX) is still trading on the downside of the ascending channel, although the price action has remained intact within the channel. If selling pressure persists, TRX/BTC may likely create a new low in the coming days. As of now, the technical indicator RSI (14) has turned down; we may see a positive move in the market if it turns upward.
However, the coin is currently trading below the 9-day and 21-day moving averages at 217 SAT. We can expect close support at the 210 SAT before breaking to 205 SAT, further bearish movement may bring it to 195 SAT and below. If a bullish move occurs and validates a break significantly above the mid-term resistance at 230 SAT; we can then confirm a bull-run for the market. But for now, the closest resistance lies at 240SAT and 250SAT. The RSI (14) has remained below level 51, indicating a bearish trend.
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