Tron (TRX) Price Analysis – April 7
TRX/USD continues an uptrend as the bears come together to increase the selling pressure in the market.
TRX/USD Market
Key Levels:
Resistance levels: $0.016, $0.018, 0.020
Support levels: $0.011, $0.009, $0.007
The recent bearish movement has made Tron’s price plunged from $0.0142 to $0.0130, amounting to a price change of -2.43% a few hours ago. In fact, the technical indicators have also fallen to their lowest levels as the trend is favorable for bears. Currently, the TRX/USD is down, as the market looks for closer support to contain the current slight declines. However, the $0.011, $0.009 and $0.007 support levels could provide support for the market if the selling pressure continues.
Meanwhile, the coin is currently trading at a price level of $0.0134. Now, the price action is bearishly on the daily chart after a sell-off. If $0.0130 can act as a support level, Tron’s price may test the previous resistance again at $0.016, $0.018 and $0.019 respectively. For now, the RSI (14) has now fallen below 57-level after witnessing a slight reduction in the price of Tron today.
TRX/BTC Market
Against Bitcoin, Tron (TRX) is trading on the upside, although the price is moving to cross above the channel. As the trading volume coming up slowly, if the buying pressure resumes, the TRX price variation may likely continue the uptrend. For now, the stochastic RSI moves into the overbought zone.
However, as the price moves above the moving averages at 187 SAT. Traders can expect a close resistance at the 200 SAT before breaking to 210 SAT and potentially 220 SAT levels. Moreover, if the bearish steps-in and validate a break below the 9-day and 21-day moving averages; we can then confirm a downtrend for the market and the closest support levels to target are 175 SAT and 165 SAT.
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