Tron (TRX ) Price Analysis March 7 . Since January, TRXUSD and TRXBTC have been following a descending channel pattern. As it appeared, the bearish condition is likely to end as the token nears a strong support level. Following the long decline, Tron has lost about 50% from December 2018 rise. The trading volume still holds at $155 million with about $1.5 billion market cap.
TRX/USD Market
Key
levels:
Resistance levels: $0.026, $0.028, $0.03;
Support levels: $0.021, $0.019, $0.018;
In early January, Tron reached the high of $0.0357 and retraced to $0.021 before a swing high to $0.03 resistance level. From there, the token slowly constructs a descending channel pattern; lasting to a strong support at $0.02 on Monday. TRX is currently consolidating at $0.024 price level.
Tron (TRX) Price Analysis – March 7. TRXUSD, 4H – March 7
As
the price action follows the trend lines, a swing low might send TRX
to $0.021 support level, where the lower channel lies. A push might
as well provide resistance at $0.026, where the upper channel lies.
In
case of a price surge, a bearish move is likely to bottom at $0.018
support and beyond. An upward movement might shoot price to $0.028
and 0.030 resistance levels. As of now, the decline appeared to be
stronger. However, a reversal is possible if the low reaches $0.18
support level.
TRX/BTC Market
Following late January drop, Tron has been moving in a descending channel with low trading volume. The price action is appearing small as TRX falls – a sign of an exhausting bearish momentum. The 4-hours MACD reflects the decline at the negative level.
Tron (TRX) Price Analysis – March 7. TRXBTC, 4H – March 7
Yesterday,
TRX tested the upper trend line and the price is currently reaching
for a close supports at 550 SAT and 500 SAT. At the mentioned
supports, an incline is like to hit 600 SAT resistance, touching the
upper channel.
A further surge might take TRX to the next bull-run. The nearest key resistance level is 650 SAT and beyond. But if a surge failed, TRXBTC would continue to remain in a bearish. For now, the bearish are still in control.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Like what you’re reading? Subscribe to our top stories
amzn_assoc_placement = “adunit0”;
amzn_assoc_search_bar = “true”;
amzn_assoc_tracking_id = “cryptovibes-20”;
amzn_assoc_search_bar_position = “bottom”;
amzn_assoc_ad_mode = “search”;
amzn_assoc_ad_type = “smart”;
amzn_assoc_marketplace = “amazon”;
amzn_assoc_region = “US”;
amzn_assoc_title = “Shop Related Products”;
amzn_assoc_default_search_phrase = “tron cryptocurrency”;
amzn_assoc_default_category = “All”;
amzn_assoc_linkid = “594c6a9e595888f05e88b76898092588”;
The post TRON (TRX) Approaches a Strong Support Level, Bears are Likely to Exhaust appeared first on Cryptovibes.com – Daily Cryptocurrency News .
This is a syndicated post from https://www.cryptovibes.com/analysis/tron-trx-price-analysis-march-7/