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TRX Daily Trading Signals: 25 October

The bears still held control of the market at the opening with TRX down to $0.02339. Each touch on the downward trendline results in a bounce.

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. Rejection to continue upward price movement by the bulls occurred at $0.02418 in the resistance area by the trendline. The bears’ comeback was with an engulfing candle that dropped the cryptocurrency initially to $0.02377 in the support area. The pressure down south was much stronger as TRX was at low $0.02364 in the support area before the close of yesterday session.

 

TRX 4-hour chart
TRX 4-hour chart

 

The bears still held control of the market at the opening with the cryptocurrency down to $0.02339.

Each touch on the downward trendline results in a bounce. Price is around it and creating a flag that ultimately may result in the bears staging a strong comeback that may see TRX made a lower low before the end of the day.

The relative strength index is at 36% and its signal points down which implies a downward movement in price

As the bears continue their journey south $0.02100 in the support area may be retested.

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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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    XRP Price is below the two EMAs an indication of the Bears' pressure. Momentum to the downside within the range is further confirmed.

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