TRON (TRX) Price Analysis (May 16)
• Tron looks bullish both in the medium-term outlook and in the short-term outlook.
• Buyers may put in their aggressive orders.
TRX/USD Medium-term Trend: Bullish
• Resistance levels : $0.025, $0.030, $0.035
• Support levels: $0.007, $0.006, $0.005
The sustained bearish pressure pushed the cryptocurrency down during yesterday's session to $ 0.014 in the support area during yesterday’s session.
The bulls brief return and push the price up at $0.015 in the resistance area as the daily session opens today.
The price which is up at $0.015 in the resistance area revolving around the two EMAs suggests the bulls are gradually returning to the market.
The stochastic signal pointing down at around level 55% in the overbought region indicates there may be a change in momentum in price of Tron in the future in the medium-term and in this case, a downward trend.
TRX/USD Short-term Trend: Bullish
The cryptocurrency is in the bullish trend in its short-term outlook. The formation of a bullish candle with a wick at $0.014 in the resistance area as the 4-hourly session opens today affirms the bullish presence in the market.
The price of Tron is now up at $0.015 in the resistance area. Price is below the two EMAs with the formation of a pin bar indicates there is likely to be a reversal in the trend.
The stochastic oscillator signals up at 46% imply buyers are beginning to take over the market and may likely continue in the same direction in the nearby days 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.