Tron Price Analysis – June 11
Since a few days ago, the Tron price is yet to display a significant bullish move as the market continues to move sideways.
Resistance levels: $0.100, $0.110, 0.120
Support levels: $0.040, $0.030, $0.020
TRX/USD remained indifferent as the last few days were facing a sideways movement, wherein the price stays below the 9-day and 21-day moving averages. Today, the price touches the daily high of $0.075 before dropping to $0.067. The daily price has been trending below the 9-day and 21-day MAs as the trading volume fades away. Meanwhile, as the daily chart reveals, TRX/USD remains in an unstable market, a price surge may likely play out.
Tron Price Analysis: Where is Tron (TRX) Going Next?
The Tron price is currently under the moving averages, therefore, for an upsurge, TRX/USD is likely to meet the nearest resistance level at $0.100, $0.110, and $0.120 before the traders can consider higher levels for the trade. A down surge, however, could plummet the market to $0.040, $0.030, and $0.0.020 supports after a possible break below the lower boundary of the channel. Moreover, the technical indicator Relative Strength Index (14) maintains the sideways movement as the coin remains below 40-level, a further bearish movement may come to play.
TRX/BTC Market: Consolidating to the Downside
When compares with Bitcoin, the Tron price is currently changing hands at 188 SAT and if the bulls could hijack the price movement and push the coin above the 9-day and 21-day moving averages, the next key target price could be found at 230 SAT and 250 SAT respectively. Reaching these levels may likely move the market to the 270 SAT level. Meanwhile, the Relative Strength Index (14) is seen sliding below 40-level, if continue, it may likely give additional bearish signals for the next few days.
However, if the bulls failed to push the price to the nearest resistance, the market could resume its bearish trend. More so, the Tron price may likely see a sharp drop at the support level of 170 SAT if it moves below the lower boundary of the channel. Meanwhile, breaking this level could further push the market to the critical support levels at 160 SAT and below.