Tron (TRX) Price Analysis – January 31
The price of Tron is seen rallying towards the moving averages on negative technical levels.
Resistance levels: $0.036, $0.038, 0.040
Support levels: $0.028, $0.026, $0.024
TRX/USD is currently trading above the 9-day and 21-day moving averages as the market price trades within the negative side. This means that losses below $0.030 may likely play out if the bears keep following this same trend in the coming days. However, the bearish trend is emphasized by the technical indicator like the RSI (14) is seen moving below 55-level.
Where is TRX Price Going Next?
If TRX/USD continues to move above the 9-day and 21-day moving averages, the 9-day moving average is seen crossing above the 21-day moving averages which means that the bulls could easily push TRX significantly above $0.035. More resistance levels may be found at $0.036, $0.038, and $0.040 respectively.
Nevertheless, TRX/USD has been moving sideways since last month. Therefore, if losses become nerve-shattering, TRX could seek support at $0.030, falling below the 9-day and 21-day moving averages at $0.029 while the critical supports are located at $0.028, $0.026, and $0.024.
TRX/BTC Market: Keep Sideways Movement
Against BTC, TRX is now moving above the 9-day and 21-day moving averages, which could hit the important resistance at 110 SAT. However, the Tron price may likely cross above the upper boundary of the channel if the price remains above moving averages. Breaking this level could further push the market to the nearest resistance levels at 120 SAT, 125 SAT, and 130 SAT.
However, TRX is currently changing hands at 96 SAT, and if it crosses below the moving averages from where it is now, the next key target support is located at 80 SAT respectively. Reaching this level may move the market to the critical supports at 75 SAT and above. Meanwhile, the technical indicator RSI (14) is lying above 60-level.