Tron Price Analysis – April 10
Tron price action is presently trading in a bear market and may extend below the $0.060 price level.
Resistance levels: $0.075, $0.077, 0.079
Support levels: $0.055, $0.053, $0.051
TRX/USD opens the day around the $0.064 level but has since moved to a lower level where it touches the $0.062 support but currently trading at $0.063. However, the Tron price is currently trading below the 9-day and 21-day moving averages as it is down by 1.41% at the time of writing.
Tron Price Analysis: What Could Be the Next Direction?
A couple of days ago, the Tron price attempted to cross above the resistance level of $0.65 before being overpowered by the selling pressure triggering a bearish trend for the pair. At the time of writing, the Tron price is sliding towards the lower boundary of the channel to create another low near $0.058. The coin may consolidate losses below this barrier as the Relative Strength Index (14) is likely to cross below the 40-level suggesting an additional bearish signal.
In other words, if TRX/USD fails to cross above the daily high of $0.065, there is a possibility of further decline where the next critical supports may be found at $0.055, $0.53, and $0.051. 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 $0.075, $0.077, and $0.079.
TRX/BTC Market: Price Consolidating to the Downside
Against Bitcoin, the Tron price is likely to follow the downtrend at the time of writing. The price action remains below the 9-day and 21-day moving averages as the Tron (TRX) may create a new low in the coming days. As of now, the technical indicator Relative Strength Index (14) is moving below 50-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 should expect more downtrends as the critical support is located at 135 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 160 SAT and above.