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Tron Trading: TRX Bears Dominate Momentum, Pulling Price Towards Next Support

Tron (TRX) Price Analysis – May 23

The TRX market has been trending in the opposite direction since the Dollar market rise-up which has now resumed bearish after a break-out. As a result of this, the sellers are gaining control of the market, aiming at near-by support. Currently, the token is trading at around $0.026 level.

TRX/USD Market

Key Levels:
Resistance levels: $0.028, $0.03
Support levels: $0.024, $0.022

From the medium-term chart, we can see the bullish cross above the important 50-day moving average (yellow band) as the buyers walk the market up to the $0.33 which later closed price at the $0.032.

Having touched the above price level, TRX/USD pair fell massively back to the base of the white ascending trend line, which has been supporting the market against a bear-run.

After a week crawl, Tron market eventually plummeted below both the 50MA and the white line yesterday. A retest is actually playing out towards the break level of $0.028 resistance. A further rise might hit the $0.03 resistance.

The next key support is $0.024 and $0.022. The RSI is already bearish below the 50 level. Similarly, the MACD is about to cross over to the negative zone.

TRX/BTC Market

Following the bearish sentiment, the TRX/USD pair is yet to make a significant move above the important 50-day moving average (yellow line) as the market continues to maintain a downward position.

This suggests that the bears are dominating the market. Meanwhile, the MACD is revealed in a decline. In fact, the signal is synonymous on the medium-term RSI which has made head towards the oversold condition.

TRXBTC-4H-Chart-May-23

Selling pressure may provide support at around the 315SAT level. Breaking this level may lead to a bearish continuation, finding next support around the 300 SAT. If the market reverses, however, we can expect a potential buying pressure at the 380 SAT resistance and above.

However, there’s a need for a surge to get the market out of the bear zone. The cryptocurrency follows a bearish scenario for now.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.