Tron (TRX) Price Analysis – March 5
TRX/USD is seen following the bullish movement since yesterday but the coin is still forming bullish candles.
Resistance levels: $0.021, $0.023, 0.025
Support levels: $0.015, $0.013, $0.011
A few days ago, the bulls managed to break out of the channel to cross above the 9-day moving average. But today, Tron price started a strong rise above the $0.0180 resistance levels to gain more than 2.15% and it later surpassed the $0.0180 and touched the 0.0182 resistance level. A strong bullish movement could take it to the potential resistance levels of $0.021, $0.023 and $0.025 respectively.
Moreover, the current daily chart shows that the price is pulling back and we can expect close support at $0.016, where the price started a few days ago. The $0.015, $0.013 and $0.011 support levels may likely come into play if the price falls below the channel formation. Regardless of the above analysis, the Tron market is still looking bullish and the RSI (14) is still around level 45 to show the current positive movement in the market.
Comparing with Bitcoin, Tron (TRX) is trading slightly on the upside, although the price action has remained intact within the moving averages. As the trading volume coming up slowly, if the selling pressure resumes, the TRX price variation may likely begin the downtrend. For now, the RSI (14) moves around 45-level which makes the market to be at the uptrend movement.
Nevertheless, as the price move to break above the moving averages at 198 SAT. We can expect close resistance at the 220 SAT before breaking to 230 SAT and potentially 240 SAT levels. Moreover, if the bearish steps-in and validate a break below the 9-day MA; we can then confirm a downtrend for the market and the closest support levels lie at 175 SAT, 165 SAT, and 155 SAT.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.