Tron Price Analysis – February 6
The technical indicator for TRX/USD is still holding on the positive side as the signal moves to cross 60-level.
Resistance levels: $0.075, $0.080, 0.085
Support levels: $0.057, $0.052, $0.047
TRX/USD is steadily maintaining a lower high as the coin moves to cross above the upper boundary of the channel. At the time of writing, the Tron price is currently above the 9-day and 21-day moving averages to touch the daily high at $0.066 before retreating to $0.065 with a gain of 0.69%.
Tron Price Analysis: Would Tron (TRX) Go Higher?
As the Tron price continues to follow the bullish movement, traders expect the market to keep focusing on the upside to hit the target resistance level at $0.070. Similarly, touching the mentioned level, the buying pressure may likely come at $0.075, $0.080, and $0.085 resistance. But if the price actions drive beneath the 9-day and 21-day moving averages, the coin may fall to the support levels of $0.057, $0.052, and $0.047.
TRX/BTC Market: Price Prepares to Move Higher
Compared with Bitcoin, Tron (TRX) is trading within the 9-day and 21-day moving averages, although the price action has not yet crossed below the moving averages, the coin is seen ranging as the trading volume is coming up slowly. However, if the buying pressure resumes, the TRX price may begin to form a new uptrend. Now, the technical indicator Relative Strength Index (14) is moving to cross above 50-level.
Moreover, as the price moves to break above the moving averages, traders can expect close resistance at the 165 SAT before breaking to 170 SAT and potentially 175 SAT levels. More so, if the bearish steps in and validate a break below the moving averages, traders can then confirm a downtrend for the market, and the closest support levels could reach 150 SAT, 145 SAT, and 140 SAT.