Tron Price Analysis – June 7
The Tron price is seen crossing above the 9-day moving average and rallying towards the resistance level of $0.10 riding on positive technical levels.
Resistance levels: $0.09, $0.10, 0.11
Support levels: $0.07, $0.06, $0.05
TRX/USD is currently trading above the 9-day moving average as the market price prepares to cross above. This means that gains above $0.11 may likely play out if the bulls keep following this same trend in the coming days. However, the bullish trend is emphasized by technical indicators like the Relative Strength Index (14) is preparing to cross above the 60-level.
Tron Price Analysis: TRX Price May Break Above the 9-day MA
The Tron price is seen heading towards the north as the market price moves to cross above the 9-day moving average, the technical indicator Relative Strength Index (14) is not only moving towards the 60-level but also nurturing a bullish divergence which means that the bulls could easily push Tron (TRX) significantly above $0.09. Therefore, any further bullish movement towards the upper boundary of the channel could hit the resistance levels at $0.09, $0.10, and $0.11 respectively.
Nevertheless, TRX/USD has been moving sideways for the past few days. Therefore, if losses become nerve-shattering, TRX may seek support at $0.08, falling below the lower boundary of the channel could hit the critical supports at $0.07, $0.06, and $0.05.
TRX/BTC Market: Keeps Moving Sideways
When compared with Bitcoin, TRX price has been moving around the 9-day moving average and could hit the important support at the 250 SAT if crosses below the moving averages. Therefore, the Tron price may likely touch the nearest resistance at 276 SAT if the coin crosses above the upper boundary of the channel. Breaking this level could further push the market to the resistance level of 300 SAT and above.
However, TRX is currently changing hands at 263 SAT, and if the price slides and move towards the lower boundary of the channel, the next key target support is located at 260 SAT. Reaching this level may likely bring the market to the critical support level at 225 SAT and below. Meanwhile, the Relative Strength Index (14) is moving above 50-level.