TRON Daily Trading Signals: 26 October

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Dominant bias for TRON (TRX)- Bearish

Resistance Levels- $0.02500, $0.02600, $0.02800

Support Levels- $0.02000, $0.01800. $0.01600

 

TRON is in a bearish trend. The bears’ pressure was obvious at $0.02371 in the resistance area from the formation of a gravestone doji. This was after the bulls managed to push TRON price up from $0.02339 in the support area. Increased bearish momentum dropped TRXUSD at 2340 in the support area as the market came to a close yesterday forming a bearish marubozu candle a further confirmation of bears takeover of the market.

 

TRX 4-hour chart
TRX 4-hour chart

 

The bearish 4-hour opening candle at $0.02342 sustained the momentum as TRON was down to $0.02322 earlier today.

TRX Price still lies below the 34 exponential moving average an indication of bears pressure The relative strength index is at 33% which remains a selling zone and its signal points down which suggests downward movement in price.

As more candle opened and closed below the 34 EMA which indicates continued bears pressure, $0.02100 in the support area may be retested.

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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