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. $0.02200 that was predicted yesterday was nicely broken due to the strong bears’ pressure that broke the $0.02322 in the horizontal line of the descending triangle. TRX made a low of $0.02180 in the resistance area as it creates a descending channel pattern.
The bulls area back as bearish exhaustion set in with the candle closing with a lower wick. The 4-hour opening candle at $0.02221 sustained the bullish momentum as TRX was up at $0.2248 in the resistance area.
Attempt to the upper line of the channel is the bulls target as they increase their momentum to the upside, but the bears’ pressure remains strong with price below the 34-EMA.
The relative strength index is at the oversold region 29% and its signal points up which suggests upward movement in price of the cryptocurrency which should be seen as a minor pullback that is necessary for the market correction before the downtrend continuation