TRON (TRX) Price Analysis (February 29)
• Tron remains in a bear market, looks tasty for bears.
• Bulls losing momentum, could Tron slides to $0.01 from here?.
• Tron is close to support/resistance zone
TRX/USD Medium-term Trend: Bearish
• Resistance levels : $0.022, $0.024, $0.026
• Support levels: $0.014, $0.012, $0.010
The cryptocurrency is in a bearish market in its medium-term outlook. The market is falling hard as Tron slopes below $0.02 leading to a market-wide sell-off.
The cryptocurrency is in a descending channel with the formation of a bearish candle at $0.017 in the lower line of the channel in the support area as the session opens today.
TRXUSD is initially down at $0.016 in the support area below the two EMAs as the journey down to the lower line of the channel has already begun.
The stochastic oscillator signal pointing up at around level 12 % in the oversold region indicates the momentum in price of Tron might encounter a change in the future in the medium-term.
TRX/USD Short-term Trend: Bearish
The trend is falling and the price has not yet reached its goal in a strong support level of $0.012.
Today’s 4-hour bearish opening candle at $0.017 in the lower channel of the support area sustains the downward momentum with TRXUSD down to $0.016 in the support area.
With price below the two EMAs and the stochastic oscillator signal pointing down at 62% in the oversold region, it suggests that the downward momentum within the range in the short-term.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.