Tron (TRX) Price Analysis – May 26
Tron has seen a price increase after a surge in volatility, amounting to 12% gain in the last 24-hours of trading. Following the market structure, the cryptocurrency has traded in a channel for the past days. A more positive move is expected as the bulls’ eye the next resistance. However, the price may drop before a full upward ride.
Resistance levels: $0.034, $0.037
Support levels: $0.029, $0.027
The last 24-hours of trading has been impressive as the TRX/USD price rises above a tough resistance which has held the bulls for over a week, now trading at $0.032 price level, retesting the April 16 drop level.
The positive was revealed on the medium-term RSI as it currently lies in the overbought area. Another thing to observe is the bullish break on the rising channel. A significant break may lead the sellers to $0.34 and above. However, the bulls are gaining control of the market.
Looking at the Stochastic RSI, Tron trading has reached the overbought condition on the indicator. A drop is around the corner. If price drops, however, the token may locate support at the $0.029 and the $0.027
From the structural outlook, Tron market is gradually playing out on a bullish move as the market carved a rising channel since April 13. The buyers appeared to be gaining momentum as the market currently tests the lower channel at 340SAT, showing a strong bearish move. Below this level lies $320 support.
As shown on the RSI, TRX price has crossed over to the positive zone, which is revealed above the 50 level. A rebound position the RSI in an upward rally. The next key resistance to watch out for is the 400SAT, where the upper channel rests. Above the wedge lie the 420SAT and the 440SAT resistance.
On the Stochastic RSI, the token has turned down as a result of selling pressure which could play out soon.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.