Tron (TRX) Price Analysis – June 5
Since a few days ago, Tron (TRX) is yet to display a significant bullish move as the market continues to move in sideways.
Resistance levels: $0.019, $0.020, 0.021
Support levels: $0.015, $0.016, $0.017
TRX/USD remained indifferent as the last few days were facing a sideways movement, wherein the price fell from $0.017 to $0.016. Today, the price has gone up to $0.174 before dropping to $0.163. The daily price has been trending above the 9-day and 21-day moving average as the trading volume decreases. As the daily chart reveals that TRX/USD remains in an unstable market, a price surge may likely play out.
However, for an upsurge, the Tron price is likely to meet the nearest resistances at $0.019, $0.021, and $0.023 before we can see consider more levels for the trade. A down surge, however, could plummet the market to $0.019, $0.20 and $0.0.21 supports after a possible break above the channel. The RSI has maintained trading in sideways and moving around 60-level, showing an indecisive movement.
Against Bitcoin, TRX is currently changing hands at 175 SAT and if the bulls can hold the price tight, the next key target price lies at 185 SAT and 190 SAT respectively. Reaching these levels may likely move the market to the 200 SAT level. Meanwhile, RSI (14) needs to move above 60-level, if successful, it may likely give some bullish signals for the next few days.
However, if the bulls failed to push the price to the nearest resistance, the market could resume its bearish trend. More so, Tron price may likely see a sharp drop at 166 SAT support level if it moves below the 9-day moving average. Meanwhile, breaking this level could further push the market to the nearest support levels at 165 SAT and below.
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