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 sustained after a minor bullish momentum that saw TRX at $0.02399 in the resistance area on 26th October. The two inverted hammer formation at this area signaled the bears returned. The cryptocurrency went down to $0.02322 in the support area on 27th October.
The 4-hour opening candle was a doji a sign of indecision and the next candle will determine the direction. Should it close bearish it will sustain the bearish momentum. A bullish close of the candle will signal a possible trend reversal.
Price is below the 34-EMA an indication of strong bearish pressure with the relative strength index at 43% and its signal points down it suggests a further downward movement due to the bears’ pressure.
TRX is in descending triangle. A break below and possible retest at $0.02322 in the support area will give the bears more opportunity to continue the journey down south and $0.02200 may be an initial target