Tron Price Analysis – May 31
The Tron price is seen crossing above the moving averages and rallying towards the resistance level of $0.08 riding on positive technical levels.
Resistance levels: $0.10, $0.11, 0.12
Support levels: $0.05, $0.04, $0.03
TRX/USD is currently trading above the 9-day moving average as the market price follows the upward movement. This means that gains above $0.08 may likely play out if the bulls keep following this same trend in the coming days. However, the bullish trend is emphasized by technical indicators like the Relative Strength Index (14) is preparing to cross above 40-level.
Tron Price Analysis: Where is TRX Price Going Next?
If the Tron price remains above the 9-day moving average, the technical indicator RSI (14) is not only moving around 40-level but also nurturing a bullish divergence which means that the bulls could easily push Tron (TRX) significantly above $0.08. Any further bullish movement could hit the resistance levels at $0.10, $0.11, and $0.12 respectively.
Nevertheless, TRX/USD has been moving sideways for the past few days. Therefore, if losses become nerve-shattering, TRX could seek support at $0.07, falling below the lower boundary of the channel at $0.06 while the critical supports are located at $0.05, $0.04, and $0.03.
TRX/BTC Market: Keeps Moving Sideways
Against BTC, TRX price has been moving around the 9-day moving average and could hit the important support at the 180 SAT if crosses this barrier. Therefore, the Tron price may likely see another sharp drop at 170 SAT after moving under the lower boundary of the channel. Breaking this level could further push the market to the nearest support levels at 165 SAT, 145 SAT, and 125 SAT.
However, TRX is currently changing hands at 204 SAT and if the bulls can hold the price from where it is now, the next key targets resistance is located at 220 SAT and 235 SAT respectively. Reaching these levels may likely move the market to the potential resistance at 245 SAT and above. Meanwhile, the Relative Strength Index (14) is lying flat above 40-level.