TRON (TRX) Price Analysis (May 2)
• Tron is increasing and bears are losing momentum.
• Could Tron head to $0.02 from here? The bulls may continue the journey up north to the upper resistance area.
TRX/USD Medium-term Trend: Bullish
• Resistance levels : $0.02, $0.03, $0.04
• Support levels: $0.007, $0.006, $0.005
The cryptocurrency trades in a bullish trend zone in its medium-term outlook. The impulse move to $0.001 in the resistance area during yesterday’s session sustains the bullish momentum within the range.
Today’s daily session opens with the formation of a bullish harmer candle at $0.01 in the resistance area. This shows there is a high buying pressure in the cryptocurrency.
Price of Tron is initially up at $0.01 in the resistance area above the two EMAs, these indicate upward movement in the momentum of the crypto’s price.
The stochastic oscillator pointing down at level 77% in the overbought region implies the trend may likely encounter a change in the days ahead in the medium-term.
Hence buyers’ relief.
TRX/USD Short-term Trend: Bullish
The coin is in a bullish trend in its short-term perspective as can be seen in the chart. Formation of the inverted pin bar candle at $0.01 in the resistance area during yesterday’s session signifies a trend reversal hence bears’ brief return.
Bears’ brief return at $0.01 in the support area opens today’s 4-hourly session.
Continuation to the north is confirmed by the bullish candle at $0.01.as the high of the day in the resistance area as the time of writing this article.
The price is above the two EMAs an indication of an upward movement in the momentum of the price of Tron, in this case, more buyers in the market.
The stochastic oscillator pointing up signals the trend is bullish. Hence buyers may consider taking a position as the trend is favorable 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.