Tron (TRX) Price Analysis: Trends of September 18-24, 2018
Originally published on: CoinSpeaker
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September 18, 2018
- Further reduction in price may be experienced;
- bears are still in control of the price;
- the support level of $0.01 may be exposed in case support level of $0.05 is broken.
TRX/USD Long-term Trend: Bearish
Resistance levels: $0.024, $0.031, $0.041
Support levels: $0.015, $0.010, $0.05TRX/USD experienced temporary bullish pressure last week, towards the dynamic resistance 10-day EMA with the formation of small hammer candle at the support level of $0.05.The buyers were unable to push the price higher above the dynamic resistance. The price fell further due to the bearish pressure towards the support level of $0.015. Some bearish candles were formed which further reduction in the price last week.
The price is below 10-day EMA and 50-day EMA is above the 10-day EMA. There is a probability for further reduction of the price towards the support level of $0.015 this week. In case bears put in more pressure, the support level of $0.015 may break and the support level of $0.010 will be exposed.
Nonetheless, should the support level of $0.05 holds, the price might go up within the next several trading days, by making a break out towards the North at $0.024. The Stochastic Oscillator Period 14 on the daily chart is above level 20 with the signal lines pointing towards the south, indicating that there could be further bearish movement this week.
TRX/USD Price Medium-term Trend: Bearish
There was a push up in price towards the resistance level of $0.024 last week as more buyers came in but there was not enough pressure to break the dynamic resistance. TRX/USD on the medium-term outlook still bearish as the 10-day EMA crossed the 50-day EMA downside with the price below 10-day EMA; it indicates that there could be a downtrend movement towards the support level of $0.015.
In case more buyers come in this week there is a probability that the price will experience uptrend movement towards the resistance level of $0.024.However, the Stochastic Oscillator Period 14 is above 20 level, with the signal lines directed towards the south indicate a further reduction in price.