Tron (TRX) Price Analysis – May 3
The technical indicator for TRX/USD is still holding on the positive side after the recent price drop in the market.
Resistance levels: $0.16, $0.17, 0.18
Support levels: $0.10, $0.09, $0.08
The price of Tron is steadily maintaining a higher high and higher low over the past few days, making the market touch $0.184 on April 16. A couple of days ago, the price of Tron rose from $0.170 to $0.130 where it is currently trading at the moment. More so, the TRX market is currently up by +2.35% while the price is still moving above the 9-day and 21-day moving averages, bringing the market under the bull radar as the RSI (14) is preparing to cross above 60-level.
Would Tron (TRX) Go Up or Down?
In as much TRX/USD pair continues to shape in an ascending channel pattern, traders can expect the market to keep maintaining a bullish movement before the price could hit the target resistance level at $0.15. Similarly, touching the mentioned level, the next buying pressure may likely reach 0.16, $0.17, and $0.18 resistance. But if the price actions drive beneath the moving averages, the coin may fall to $0.10, $0.09, and $0.08 support levels.
TRX/BTC Market: Price Moves Sideways
Comparing with Bitcoin, Tron (TRX) is trading within the moving averages, although the price action has not yet crossed below the moving averages, the coin is seen ranging as the trading volume is fading out. Therefore, if the selling pressure resumes, the TRX price variation may likely begin to form a new downtrend. For now, the RSI (14) moves above the 55-level which makes the market to be strong at the uptrend movement.
However, as the price moves to break above the moving averages at the 250 SAT. We can expect close resistance at the 280 SAT before breaking to 300 SAT and potentially 320 SAT levels. Moreover, if the bearish steps in and validate a break below the moving averages; we can then confirm a downtrend for the market, and the closest support levels lie at 180 SAT and below.