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.
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.