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Tron Trading: TRX Carved A Bullish Channel, Will Price Hold or Break?

Tron (TRX) Price Analysis – May 28

Following a rising channel pattern, Tron market is potentially set for a bullish break as the trend is positioned in an upward direction, amounting to the recent influx of demand in the market. However, the bull has taken control of the market as we can expect a more bullish move in the future.

TRX/USD Market

Key Levels:
Resistance levels: $0.0365, $0.038
Support levels: $0.032, $0.03

Tron saw a price increase over the past two days trading, creating a monthly high at around $0.037 before a sudden price reduction, which dropped the market near the $0.032, now a support level. Closing with a long wick, TRX is attempting to continue the bullish momentum. It will reveal in the next few trading hours if the market can resume the positive rally to close resistance at $0.0366. Meeting this resistance could surge price to $0.039.

TRXUSD-4H-Chart-May-28

Taking a look at the market, a bear play is more likely to occur as price may hit the $0.032 support. Beneath this level, the sellers may further locate support around the $0.03.
As it appeared on the 4-hours MACD, Tron market is revealed to be bullish on a medium-term. However it may be, the 50-day MA is still acting as a support for the market.

TRX/BTC Market

Crossing above the important 50-day moving average some days back, TRX has seen a significant positive move as the price test the 420SAT before the slight drop to 380SAT, whereas the major support lies at 360SAT, testing the blue 50-day MA. The recent positive move is revealed on the 4-hours MACD as TRX trading resumed bullish move above the zero level.

TRXBTC-4H-Chart-May-28

Currently, the token is gathering momentum for another bull-run, which is likely to hit the 420SAT resistance. If the price breaks up, 440SAT and 460SAT will be visited. Below the channel lies the 340SAT and 320SAT support. At the moment, we can say the market is rising on a medium-term.

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.