Tron (TRX) Price Analysis – May 31
The TRX/USD pair is maintaining an uptrend as the bulls come together to increase buying pressure in the market.
Resistance levels: $0.019, $0.020, 0.021
Support levels: $0.014, $0.013, $0.012
As it appears on the daily chart, Tron (TRX) remains in an upward movement recording a 2.28% positive change. Similarly, as the bullish movement continues, the next level of resistance lies at the $0.019 and $0.020. Further rise above this price levels may push the price to $0.021 resistance.
However, considering a downtrend for TRX/USD pair, traders need to see a movement below the 9-day and 21-day moving averages which may bring the coin to the supports of $0.014, $0.013, and $0.012 respectively. As we can see on the daily chart, the trading volume appears high while the RSI (14) is moving above the 60-level, indicating more bullish signals.
Comparing with BTC, TRX is seen changing hands at 174 SAT. If the bulls can hold the price tight as it is, the next key target price lies above the channel at 190 SAT and 195 SAT respectively. Reaching these levels may likely move the market to the 200 SAT level. Meanwhile, RSI (14) is making an attempt to cross the 60-level, supporting the bullish trend.
In other words, if the bulls failed to push the price to the nearest resistance, the market could resume its bearish trend and TRX/BTC may likely see a sharp drop below 165 SAT support level around the 9-day and 21-day moving averages. Breaking this level could further bring the market to the critical support levels at 160 SAT and 155 SAT respectively.
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