Tron (TRX) Price Analysis – February 9
The price of Tron is seen rallying towards the resistance level of $0.052 riding on positive technical levels.
Resistance levels: $0.055, $0.057, 0.059
Support levels: $0.035, $0.033, $0.031
According to the prevailing daily chart, TRX/USD is currently dominating the market as the coin follows the upward movement. This means that gains above $0.055 may likely play out in the next positive moves. The bullish trend is emphasized by both the RSI and the moving averages. The RSI (14) is already within the overbought region for the first time in the New Year.
What Is the Next Direction for Tron (TRX)?
As the Tron (TRX) remains above the 9-day and 21-day moving averages, the technical indicator RSI (14) is not only holding within the positive region but also nurturing a bullish divergence. These technicals if coupled with proper trading volume could easily push TRX significantly above $0.055. More resistance levels may be found at $0.057, and $0.059 respectively.
On the downside, TRX/USD is supplied with numerous support levels in the event losses come into the picture. If losses become nerve-shattering, TRX could seek support at $0.036, and also below the 9-day and 21-day moving averages while the critical supports are located at $0.035, $0.033, and $0.031.
TRX/BTC Market: Trades above the Moving Averages
Against Bitcoin, TRX is trading above the 9-day and 21-day moving averages as the price keeps moving within the descending channel. More so, as the trading volume remains active, the buying pressure has already resumed and the Tron price variation may likely continue the uptrend. The daily chart reveals that the RSI (14) moves to cross above the 60-level, the price movement may likely slide from the upside if the bears step back into the market.
However, TRX/BTC is trading around the 103 SAT. Traders can expect a close resistance above the channel before breaking to 115 SAT and potentially 120 SAT levels. In other words, if the technical indicator RSI (14) drops below 50-level; traders can then confirm a downtrend for the market and the closest support levels could be 80 SAT and below.