TRON (TRX) Price Analysis (May 9)
• Tron is facing an increase in buying pressure and may continue in the same direction if it breaks $0.025.
• Overall market sentiment regarding the crypto remains bullish.
TRX/USD Medium-term Trend: Bullish
• Resistance levels : $0.025, $0.030, $0.035
• Support levels: $0.007, $0.006, $0.005
Tron still trades in an uptrend in its medium-term perspective. The bulls' pressure on the cryptocurrency yesterday at $0.016 at the resistance area further led to an increased price of the coin during yesterday’s session.
The bulls make a progressive movement to the north at $0.017 with a touch at the EMA-9 in the resistance area as the daily session opens today.
Price of TRXUSD is above the two EMAs and the stochastic oscillator signal pointing up at around level 82% suggests upward momentum in the cryptocurrency price in the medium-term, which indicates a buy signal.
LTC/USD Short-term Trend: Bullish
TRXUSD continues in an uptrend market in its short-term outlook. Just like usual the crypto’s price is going up as we can see from the 4-hourly chart.
Today’s 4-hour opening candle at $0.016 in the resistance area is bullish as the bulls remain dominant in the market.
TRXUSD is initially up at $0.017 above the two EMAs in the resistance area, an indication of more buyers present in the market.
Thus, the stochastic signal pointing down at level 79% in the overbought region suggests the momentum in price of the coin might encounter a trend reversal in the days ahead, in this case, a downtrend 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.