Tron (TRX) Price Analysis – June 6
With current market conditions, the TRX market has been subdued with a choppy on prices due to the last 24-hour downtrend in the market. Both markets are now in a bearish situation, losing a significant amount of trade, which is important in the market.
Resistance levels: $0.04, $0.06, 0.08
Support levels: $0.02, $0.002, $0.005
Following a bearish sentiment, TRX price has drastically dropped in the past few days of trading due to the selling pressure in the market. Technically, the coin is yet to exhaust the momentum while the RSI 14 is still moving down. However, a significant rise above the potential resistance may set a bullish reversal for the market.
Moving towards to lower side of the double top pattern, the sellers may locate support at around $0.02 level if they cross below the 50-day moving average. On the upside, a potential resistance level lies for the buyers at $0.4. If the price breaks up the pattern, the bulls could propel price to $0.46 resistance and above.
Looking at the 4-Hour chart, TRX has been trading within the channel up pattern since May 26, 2019. The bears are nearing exhaustion as the market approaches the end of the angle, a tight range for a potential breakout. The price is trying to move down and cross the 50-day MA while the stochastic indicator is still moving on a straight line.
Below the channel, the bear is likely to find demand at 0.0000025BTC, 0.0000020BTC and 0.0000015BTC levels respectively. Above the channel, the bull may meet 0.0000057BTC supply level and above. On the 4-hours RSI, the market is moved below the 80 levels; indicating that a bearish move is more likely to play out for Tron against Bitcoin market.
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