Tron Price Analysis – February 28
Tron price action is presently trading in a bear market and may extend below the moving averages.
Resistance levels: $0.070, $0.075, 0.080
Support levels: $0.048, $0.043, $0.038
TRX/USD is currently moving to a lower level where it touches the $0.057 support but currently trading at $0.058. However, the Tron (TRX) is currently trading below the $9-day and 21-day moving averages as it is down by 0.08% at the time of writing.
Tron Price Analysis: TRX Ready for More Downtrends
A few days ago, the Tron price attempted to cross above the 9-day moving average before being overpowered by the selling pressure triggering a bearish trend for the TRX/USD. At the time of writing, the Tron price is sliding below the 9-day and 21-day moving averages to create another low near $0.055. The coin may consolidate losses below the moving averages as the Relative Strength Index (14) is crossing below 40-level suggesting an additional bearish signal.
In other words, if TRX/USD fails to cross above the upper boundary of the channel, there is a possibility of further decline where the next critical supports may be located around $0.048, $0.043, and $0.038. However, if the bulls could manage to push the Tron price above the upper boundary of the channel, the crypto could hit the resistance levels at $0.070, $0.075, and $0.080.
TRX/BTC Market: Price Remains Below the Moving Averages
Against Bitcoin, the Tron price is currently hovering below the 9-day and 21-day moving averages as the Tron (TRX) is likely to create a new low in the coming days. As of now, the technical indicator Relative Strength Index (14) is attempting to cross above 40-level, which indicates that traders may continue to see a negative move in the market.
According to the daily chart, the 9-day MA is likely to cross below the 21-day MA, this implies that traders may expect more downtrends, and as critical support is located at 145 SAT and below. Moreover, if the bulls steal the show and push the market price above the 9-day and 21-day MAs; the market may experience an upward movement, and the closest resistance level lies at 165 SAT and above.