Tron Price Analysis – May 1
The Tron price is seen rallying towards the upper boundary of the channel riding on positive technical levels.
Resistance levels: $0.075, $0.080, 0.085
Support levels: $0.055, $0.050, $0.045
TRX/USD is currently moving above the 9-day and 21-day moving averages as the coin heads to the upside. This means that any gain above $0.080 may likely play out in the next positive moves. The bullish trend is emphasized by both the Relative Strength Index (14) and the 9-day and 21-day moving averages.
Tron Price Analysis: Tron (TRX) Gets Ready for The Upside
As the Tron price continues to move above the 9-day and 21-day moving averages, the technical indicator Relative Strength Index (14) is not only holding within the positive region but also nurturing a bullish divergence. However, these technicals if coupled with proper trading volume could easily push the coin significantly above $0.070. More resistance levels may be found at $0.075, $0.080, and $0.085 respectively.
On the downside, TRX/USD is supplied with numerous support levels in the event losses come into the picture. If losses come to play out, TRX may seek support at $0.060, and also below the lower boundary of the channel while the critical supports are located at $0.055, $0.050, and $0.045.
TRX/BTC Market: Price Spike Above the Moving Averages
Against Bitcoin, TRX is trading above the 9-day and 21-day moving averages as the price gets ready to cross above the upper boundary of the channel. However, as the trading volume remains active, the selling pressure has already resumed, and the Tron price variation may likely continue the uptrend. The daily chart reveals that the Relative Strength Index (14) moves to cross into the overbought region. On the other hand, the price movement may likely slide from the upside if the bears step back into the market.
However, TRX/BTC is trading around the 181 SAT. Traders can expect a close resistance above the channel before breaking to 195 SAT and potentially 200 SAT levels. In other words, if the technical indicator Relative Strength Index (14) drops below the 70-level; traders can then confirm a downtrend for the market, and the closest support level could be 150 SAT and below.