Should the resistance level of $0.024 breaks by the bulls, Tron price will rally to the north and $0.025 resistance level will be the next target.
By Azeez Mustapha
Updated
2 mins read
Resistance levels: $0.024, $0.025, $0.028
Support levels: $0.023, $0.022, $0.021
TRX price resumes its bullish trend movement on the long-term outlook. The Bulls return to the Tron market was clearly seen after the formation of a doji candle at the support level of $0.022. The next candle that closed above the support level of $0.022 as the bullish engulfing candle confirm the bulls pressure. Bulls gained momentum and led to the broken of last week resistance levels of $0.022, $0.023, $0.024. Last week, TRX price was gradually increased as the Bulls maintained their pressure.
Tron price has broken the two EMAs that act as a dynamic support and resistance upside which is an indication of bulls taking over the TRX market. TRX price is increasing above the 21-day EMA and the 50-day EMA, an indication of bull’s pressure which means there is a probability for further increase of the TRX price.
Should the resistance level of $0.024 breaks by the bulls, TRX price will rally to the north and $0.025 resistance level will be the next target. Though, price pullback is inevitable in any trending market.
The MACD with its histogram, starting above the zero level and its signal lines points to the north on the daily chart indicating a buy signal.
TRX/USD on the 4-Hour chart is in bullish movement. The bullish engulfing candle formed at the support level of $0.022 indicate the bulls are in control of the market thus made the TRX rallied to the north and broke the last week resistance level of $0.023 up to the upper resistance level of $0.024.
TRX price is above 21-day EMA and the 50-day EMA with 21-day EMA crossed 50-day EMA upside, indicates a continuation of uptrend movement.
There is a tendency for TRX price to break the resistance level of $0.024 upside as the MACD with its histogram is above zero level and its signal line pointing to the north.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
