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TRON Daily Trading Signals: 31 October

TRON remains in a bearish trend. The bearish spinning top formed at $0.02200 in the resistance area set the stage for the bears' return.
TRON remains in a bearish trend. The bearish spinning top formed at $0.02200 in the resistance area set the stage for the bears' return.

Dominant bias for TRON (TRX)- Bearish

Resistance Levels- $0.02500, $0.02600, $0.02800

Support Levels- $0.02000, $0.01800. $0.01600

TRON remains in a bearish trend. The bearish spinning top formed at $0.02200 in the resistance area set the stage for the bears’ return. The cryptocurrency was initially down to $0.02213 and later to $0.02207 in the demand area before the end of yesterday session as the bears increased their momentum.

 

TRX 4-hour chart
TRX 4-hour chart

 

The 4-hour opening candle was an inverted bearish hammer an indication of bears continued pressure that may prevail in the day.

TRON price is still under the 34 exponential moving average and the relative strength index is in the oversold region at 31% and its signal points down which suggests downward movement in the price of the TRX.

The lower line of the descending channel or the retest at $0.02101 in the support area may be the bears’ target

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Written by 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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