Tron (TRX) Price Analysis – March 24
Tron price is now trading above the moving average of the upward trend on the daily time frame which shows that the market is following a bullish sentiment.
Supply levels: $0.014, $0.016, 0.018
Demand levels: $0.007, $0.005, $0.003
Looking at the chart, it has been revealed that the buyers are regrouping well above the 9-day moving average which may likely reach the potential resistance at $0.018, $0.020, and $0.022. Now that the bulls are gaining control of the market, TRX may continue to go long in the next few days if the buyers keep regrouping well in the market. Otherwise, the market may resume the short-term downtrend.
More so, if the market pulls back, we can expect close support at $0.009, where the price recently touched a few days. The $0.007, $0.005 and $0.003 support levels may come into play if the price falls back below the channel formation. Regardless of the above analysis, the Tron market is still looking bullish on the daily chart. The RSI (14) is now climbing back to show the current positive move in the market.
Against Bitcoin, the pair is following a downward trend as the market opens today. Presently, the price is trading at the lower limit of the Bollinger bands. So if the bears continue to pump more pressure into the market, TRX/BTC may likely hit the critical supports at 150 SAT and below.
However, the RSI (14) indicator shows that the market may continue to follow the downward trend as the signal line moves below level 35 and this could cause more harm to the bulls. In other words, a reversal might come to play if the key support of 170 SAT could hold the price and there might be a bull-run towards the next resistance levels of 190 SAT and above.
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