Tron (TRX) Price Analysis – July 17
The price of Tron is yet to display a significant bullish move as the market may follow sideways movement within the channel.
Resistance levels: $0.0185, $0.0190, 0.0195
Support levels: $0.0160, $0.0155 $0.0150
The daily chart reveals that buyers are trying to remain above the 21-day moving average which may likely increase the urge for the upward movement. Further bullish movement may push the market price to the potential resistance at $0.0185, $0.0190, and $0.0195. Now that the bulls are coming up into 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 continue the short-term downtrend.
However, if the market pulls back, we can expect close support below the moving averages, where the price recently touched a few days. The $0.0160, $0.0155 and $0.0150 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.
Comparing with Bitcoin, Tron (TRX) is trading slightly on the upside, although the price action has remained intact within the moving averages. As the trading volume coming up slowly, if the selling pressure resumes, the TRX price variation may likely begin the uptrend. For now, the RSI (14) moves around 54-level which makes the market to be at the uptrend movement.
Nevertheless, as the price move within the moving averages at 189 SAT. We can expect close resistance at the 194 SAT before breaking to 196 SAT and potentially 198 SAT levels. Moreover, if the bearish returns and validate a break below the 21-day MA; we can then confirm a downtrend for the market and the closest support levels lie at 178 SAT, 176 SAT, and 174 SAT.