By
Josh O'Sullivan
April 15th, 2024
There is a probability that the Tron price will experience further downtrend movement which may break the support level of $0.021 and make the support level of $0.020 as the next target.
Key Highlights:
- The probability of further Tron price reduction is high;
- bears may still take control of the market this week;
- there may be price retracement.
TRX/USD Price Long-term Trend: Bearish
Resistance levels: $0.025, $0.028, $0.031
Support levels: $0.021, $0.020, $0.018
Tron continues in its bearish movement. As predicted last week that the TRX price will reach the support level of $0.021.The bears maintain their pressure and the TRX price was reduced gradually, broke the 21-day EMA that is acting as dynamic support and resistance downside. Yesterday the TRX price reached the last week target of $0.021. The bears are in control of the market. It is experiencing a pullback as at present.
The coin is falling below the 21-day EMA and the 50-day EMA, an indication of bear’s pressure which means there is a probability for further decrease of the TRX price to the support level of $0.020 if $0.021 TRX price level is broken down side by the bears.
In case the support level of $0.021 hold, the TRX price will bounce to the north and the bulls will take over the market. The trader should seek the opportunity to set up long trade, have your stop loss order below the support level of $0.21 and exit the trade at the resistance level of $0.025 or where the TRX price reverse.
Meanwhile, the Stochastic Oscillator Period 14 on the daily chart is at the oversold region (below 20 levels) with the signal lines pointing to the north, indicating a buy signal.
TRX/USD Price Medium-term Trend: Bearish
TRX/USD on the 4-Hour chart is in bearish movement. The bears have been in control of the market making lower-lows and lower highs as the characteristics of the downtrend. TRX price hit the last week target by the bears pushing the coin down from the resistance level of $0.026 towards the support level of $0.021.
Presently, TRX price is below 21-day EMA and the 50-day EMA; it indicates a continuation of downtrend movement.
There is a probability that the price will experience further downtrend movement which may break the support level of $0.021 and make the support level of $0.020 as the next target. Nonetheless, the Stochastic Oscillator Period 14 is above 20level which is oversold region; there is a tendency for price retracement.