Tron Price Analysis – May 8
Looking at the daily chart, the Tron price is likely to rally towards the north as the coin could ride on positive technical levels.
Resistance levels: $0.100, $0.105, 0.110
Support levels: $0.070, $0.065, $0.060
TRX/USD is trading above the 9-day and 21-day moving averages as the coin heads to the upside. This means that any gain above the channel may likely keep the coin on the positive side. The bullish trend is likely to play out as the Relative Strength Index (14) and the 9-day and 21-day moving averages confirm the uptrend.
Tron Price Analysis: Tron May Retain the Upward Movement
The Tron price remains above the 9-day and 21-day moving averages, and the technical indicator Relative Strength Index (14) is not only moving in the same direction but also likely to cross above the 70-level. However, the technical indicators if coupled with proper trading volume could easily push the Tron price above $0.090. More resistance levels may be found at $0.100, $0.105, and $0.110 respectively.
On the downside, TRX/USD could face numerous support levels should in case of losses come into the picture. If losses become heavier, TRX could seek support at $0.085, and heading towards the lower boundary of the channel may locate supports at $0.070, $0.065, and $0.060.
TRX/BTC Market: Tron Price Stays at the Upside
Against Bitcoin, Tron (TRX) is trading above the 9-day and 21-day moving averages as the price keeps heading to the positive side. However, the daily chart reveals that the technical indicator Relative Strength Index (14) is moving within the overbought region but the price movement may likely slide below this level if the bears step back into the market.
Presently, TRX/BTC is trading around the 255 SAT. Traders can expect a close resistance above the upper boundary of the channel before reaching the potential resistance level at 290 SAT. In other words, if the technical indicator Relative Strength Index (14) drops below the 70-level; traders can confirm a downtrend for the market and the closest support level could be found at 200 SAT and below.