Tron is range-bound within $0.063 and $0.062
Tron Price Analysis – September 05
There is a possibility for the TRX to move down and test the support level of $0.061 this week. Should bears increase their pressure, the support level of $0.062 may not hold and it may be exposed to another support level of $0.061
TRX/USD Market
Key Levels:
Resistance levels: $0.063, $0.064, $0.065
Support levels: $0.062, $0.061 $0.060
TRX/USD Long-term Trend: Bearish
The buyers of TRX/USD were unable to push the price higher far above the resistance level of $0.072. The price fell due to the bearish pressure towards the support level of $0.063. Some bearish candles were formed which further reduces the price last week. The price is below 9-day EMA and 21-day EMA is above the 10-day EMA. There is a possibility for the coin to move down and test the support level of $0.061 this week. Should bears increase their pressure, the support level of $0.062 may not hold and it may be exposed to another support level of $0.061.
Making a break out towards the North at $0.063 as the relative strength index Period 14 on the daily chart is at the level of 42 with the signal lines pointing towards the south, indicating that there could be a bearish movement this week.
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TRX/USD Price Medium-term Trend: Ranging, Buyers Strongly Prefer TAMA
TRX/USD on the ranging movement in the 4-hour chart. The coin broke the last week support level of $0.064 and rallied towards the south and the price was exposed to the support level of $0.062. The 9-day EMA crossed the 21-day EMA downside with the price hovering over the two EMAs, which indicates that there is an ongoing ranging movement in the TRON market.
In case more sellers come in this week there is a probability that the price will experience downtrend movement towards the support level of $0.061. The relative index Period 14 is above 50 levels, with the signal lines directed towards the North. A radical fundamental event can forcefully bring about a significant rally in the market.
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