Tron (TRX) Price Sell-off May Continue to Support Level at $0.024 – Cryptovibes.com – Daily Cryptocurrency and FX News

TXRUSD Price Analysis – December 31

In case the sellers increase their momentum and break down the support level of $0.026, the TRX price may decrease to support levels of $0.024 and $0.020. However, the price might go up within the next several trading days and the resistance levels to face are $0.026, $0.024, and $0.020.

TXRUSD Market

Key Levels:

Resistance levels: $0.029, $0.032, $0.036
Support levels: $0.026, $0.024, $0.020

TRX/USD Long-term Trend: Bearish

TRX/USD price has displayed significant changes in price for more than thirty days; the bearish movement started on November 25, from a high of $0.036. Last week was bullish and the price increases from November low at $0.024 to the resistance level of $0.29 on December 28. A bearish engulfing daily candle formed and the price resumes its bearish trend. The price is currently breaking the support level of $0.026.

In case the sellers increase their momentum and break down the support level of $0.026, the TRX price may decrease to support levels of $0.024 and $0.020. However, the price might go up within the next several trading days and the resistance levels to face are $0.026, $0.024, and $0.020. The price is below the two EMAs at distance with the 9 periods EMA below the 21 periods EMA. The Relative Strength Index Period 14 on the daily chart is at 40 levels with the signal lines pointing towards the south, indicating a sell signal.

TRX/USD Price Medium-term Trend: Bearish

TRX/USD is on the bearish movement in the 4-hour chart. The price action has formed a descending channel in the 4-hour chart. The coin carried out a price retracement on December 23 and the resistance level of $0.029 was tested. The bears exert more pressure on the TRX market, the downward movement of the price may continue towards the demand level of $0.024.

The sellers will have to increase their pressure so that the price will experience a further downtrend towards the support level at $0.024. The relative strength index period 14 is at 20 levels with the signal line bending down.