Tron (TRX) Price Analysis – June 27
Tron (TRX) coin is yet to display a significant bullish move as the market continues to move sideways.
Resistance levels: $0.018, $0.020, 0.022
Support levels: $0.014, $0.012, $0.010
For the past few days, TRX/USD has been plunged from $0.0169 to $0.0155, amounting to a price change of -0.22% a few hours ago. In fact, the technical indicator is also falling to its lowest levels as the trend is favorable for bears. The daily chart reveals that the TRX/USD is down, as the market looks for closer support to contain the current massive declines. However, the $0.014, $0.012, and $0.010 support levels could provide support for the market if the selling pressure continues.
Meanwhile, the coin is currently trading at a price level of $0.0158. Now, the price action is eroding bearishly on the daily chart after a sell-off. If $0.016 can act as a support level, Tron’s price may test the previous resistance again at $0.018, $0.020, and $0.022 respectively. For now, there is no sign of bullish movement. The main support for this market is $0.016. In the long run, it is always suggested that TRX is following a bearish sentiment as RSI (14) moves around 47-level.
Against Bitcoin, Tron (TRX) is trading on the upside, although the price action has remained intact within the moving averages. As the trading volume is coming up slowly, if selling pressure resumes, the TRX price variation may likely resume the downtrend. For now, the RSI (14) is moving above 50-level which makes the market to retain the uptrend.
However, the coin is currently trading around the moving averages at 174 SAT. We can expect close support below the channel to reach the support levels at 163 SAT and below. Moreover, if the bullish move continues and validates a break significantly above the moving averages; we can then confirm a bull-run for the market and the closest resistance levels lie at 185 SAT and above.