Tron price analysis: TRX / USD trends of 30 October-5 November 2018

Photo: Shutterstock

Photo: Shutterstock

Key points:

  • The probability of further reduction in the price of Tron is high;
  • bears can still take control of the market this week;
  • there may be a retracement of prices.

Long-term trend of the TRX / USD: bearish

Resistance levels: $ 0.025, $ 0.028, $ 0.031
Support levels: $ 0.021, $ 0.020, $ 0.018Tron continues in his bearish movement. As expected last week, the TRX price will reach the support level of $ 0.021. The bears maintain their pressure and the TRX price has been gradually reduced, it has broken the 21-day EMA which acts as dynamic support and downward resistance. Yesterday, the TRX price reached last week's goal of $ 0.021. Bears have control of the market. He is experiencing a pullback like at the moment.

The coin is going down under the 21-day EMA and the 50-day EMA, an indication of the pressure of the bear which means that there is a likelihood of further declines in price TRX at the support level of $ 0.020 if the price level of $ 0.021 TRX is broken down by the bears

In the event that the support level of $ 0.021 holds, the TRX price will rebound to the north and the bulls will take over the market. The trader should look for the opportunity to set a long trade, have their stop loss order below the support level of $ 0.21 and exit the trade at the resistance level of $ 0.025 or where the price of the TRX is reverses.

Meanwhile, the period 14 of the stochastic oscillator on the daily chart is in the oversold region (below 20 levels) with the signal lines pointing north, indicating a purchase signal.

Medium-term trend in the TRX / USD price: bearish

TRX / USD on the 4-hour chart is moving bearish. Bears have had control of the market by making lower and lower lows as the characteristics of the downtrend. The TRX price hit last week's goal by the bears pushing the coin down from the resistance level of $ 0.026 to the support level of $ 0.021.

Currently, the TRX price is less than 21 days EMA and 50 days EMA; indicates a continuation of the downward movement.

There is a probability that the price will undergo further downward movement that could disrupt the support level of $ 0.021 and make the support level $ 0.020 as the next target. Nevertheless, the Stochastic Oscillator Period 14 is higher than 20 levels which is the oversold region; there is a tendency to retrace prices.

[ad_2]Source link