Tron (TRX) Price Analysis – September 3
The price of Tron is seen rallying towards the resistance level of $0.050 riding on positive technical levels.
Resistance levels: $0.050, $0.051, 0.052
Support levels: $0.025, $0.024, $0.023
According to the prevailing daily chart, TRX/USD is currently dominating the market as the coin follows the upward movement. This means that gains above $0.050 may likely play out in the coming weeks. The bullish trend is emphasized by both the RSI and the moving averages. The RSI (14) is already within the overbought region for the second time this week.
What Is the Next Direction for Tron (TRX)?
As the Tron (TRX) remains above the 9-day and 21-day moving averages, the technical indicator RSI (14) is not only holding within the positive region but also nurturing a bullish divergence. These technicals if coupled with proper trading volume, could easily push TRX significantly above $0.050. More resistance levels may be found at $0.051, and $0.052 respectively.
On the downside, TRX/USD is supplied with numerous support levels in the event losses come into the picture. The first pit stop may likely be the ascending trend-line support. If losses become nerve-shattering, TRX could seek support at $0.032, and also below the 9-day and 21-day moving averages at $0.0270 while the critical supports are located at $0.025, $0.024, and $0.023.
TRX/BTC Market: Remains in the Positive Side
Against Bitcoin, TRX is trading on the upside as the price keeps moving within the ascending channel and above the 9-day and 21-day moving averages. More so, as the trading volume remains active, the buying pressure has already resumed and the Tron price variation continues the uptrend. The daily chart reveals that the RSI (14) moves around 76-level, the price movement may likely slide from the overbought zone if the bears step back into the market.
However, TRX/BTC is trading around 405 SAT. Traders can expect a close resistance above the channel before breaking to 450 SAT and potentially 470 SAT levels. In other words, if the technical indicator RSI (14) drops below 70-level; traders can then confirm a downtrend for the market and the closest support levels could be 270 SAT, 250 SAT and 230 SAT respectively.