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TRON Price Analysis: Will the Tron Break the Falling Wedge or Will the Bears Pull it Down 

Analytics

www.thecoinrepublic.com 03 October 2022 07:07, UTC
  
Reading time: ~3 m

  • The bulls are trying to dominate the trade of Tron
  • The current value of the Tron  is currently around $ 0.6129 with an incline of approx 0.54%
  • The pair of TRX/BTC is surfing around 0.000003163 BTC with rising of approx 0.20 %

It seems that the bulls are trying to enter the trade and manipulate the market of the trend the bulls may break the bears back if the TRX’s price moves out of the falling wedge. The bullish dominance could bring movement in whales as after following the downward curve for a long time, the coin is about to regain its potential.

The current price of the Tron is around $0.6129 and as the bulls have taken over the market of Tron the price of the coin has climbed up by approx %0.54 during the intraday trading session. The pair of TRX/BTC is around 0.000003163 BTC with a total increase of %0.20 in the last 24 hours. This might lead the price to rise to the primary resistance level of $0.06225 and then break through to the second resistance level of $0.6478. The bulls will hand the bears a crushing defeat if they manage to push the price toward their predetermined goals.  It will be a crisis for the bulls if the bear is able to force the price to follow the downward curve in this case, the bears will exert all of their effort to seize control of the situation and accomplish their desired objective. Due to this, the price may drop to the primary support level of $0.05950, and if the bearish momentum from earlier sessions persists, the price may drop in the direction of the secondary support of $0.05894.

Source: TRX/USD by TradingView 

There has been a decrease in volume of almost 27.68%. The constant decrease in the volume of the TRX indicates that the short-selling pressure is increasing on the coin and the volume to market cap ratio is 0.06319. The volume to market cap ratio is 0.3212. TRX is lagging behind by the 20,50,100,200 Daily moving average. The 20-day and 50-day exponential moving averages have collapsed previously giving a negative cross.

Indications of some technical indicators over the TRON

Source: TRX/USD by TradingView

The technical indicator shows the following The intersection of the MACD and MACD signal indicates a positive cross. The relative strength index is heading towards the overbought territory. The RSI’s current value is  49.33  which is more than its average RSI of 42.24. The Stoch RSI is also in the overbought zone the current stoch rsi being 100.00 is indicating that the selling is getting weak and buying is increasing With the average Stoch RSI of 78.26

Conclusion

The current value of the Tron is currently around $ 0.6129 with an incline of approx 0.54%. The pair of TRX/BTC is surfing around 0.000003163 BTC with rising of approx 0.20 %. There has been a decrease in volume of almost 27.68%. The volume to market cap ratio is 0.3212.The RSI’s current value is  49.33  which is more than its average RSI of 42.24. The Stoch RSI is also in the overbought zone the current stoch rsi being 100.00 is indicating that the selling is getting weak and buying is increasing With the average Stoch RSI of 78.26

Technical Levels

Support Levels:$0.05950 and $0.05894

Resistance Levels: $0.06225 and$0.06478

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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