TRX Price Analysis – February 28
The Tron (TRX) experiences a notable downward trend and thereby loses support from the imminent moving averages.
TRX/USD Market
Key Levels:
Resistance levels: $0.055, $0.060, $0.065
Support levels: $0.035, $0.030, $0.025
TRX/USD pair continues to maintain a downward trend in the long run. For the moment, the market is down by 5.67%. The price of Tron may continue to fall as long as the selling pressure remains on the market. For now, the $0.040 is serving support for the market.
Where is Tron Price Going Next?
Looking at the daily chart, Tron is currently following a downward trend and about to cross below the lower boundary of the channel. Considering a northward movement, the amounts of $0.055, $0.060, and $0.065 could constitute resistance for the market. Alternatively, a continuous movement toward the south may bring support down to $0.035, $0.030, and $0.025 while the technical indicator RSI (14) continues to move down below the 50-level.
TRX/BTC Market: Consolidating within the Channel
Comparing with Bitcoin, the pair is still trading sideways and it is currently within the 9-day and 21-day moving averages. If the bulls couldn’t push the price above the 21-day moving average, the Tron price may likely see a sharp drop at 100 SAT support level. Breaking below this level could further drag the market to other support levels at 80 SAT and below.
Moreover, as the RSI (14) is moving in the same direction around 49-level, the market may start moving sideways. However, TRX expected to be successful in closing above the moving averages. Therefore, in no time, we may see Tron coming out strong.
