Tron (TRX) Price Analysis – December 19
The TRX/USD pair is maintaining a downtrend as the bears come together to increase selling pressure in the market.
TRX/USD Market
Key Levels:
Supply levels: $0.015, $0.016, 0.017
Demand levels: $0.011, $0.010, $0.009
TRX/USD is fluctuating in the bearish region within the descending channel, which could be a little concerning at the moment. The main question is when will Tron (TRX) slide into the profit zone? It seems that traders may need to be patient to take advantage of some feedback on the Tron network. Meanwhile, they might want to work upon avoiding any losses if the value is dropped every day.
Looking at the daily chart, the TRX/USD pair is maintaining a downtrend as the bears are preparing for more selling pressure. The market is consolidating and the potential demands lie at $0.011, $0.010 and $0.009 levels. However, if the bulls could step back into the market, a trend reversal may resurface and push the price above the moving averages of 9-day and 21-day which could later reach the supply levels at $0.015, $0.016 and $0.017.
In other words, the RSI (14) quickly reversed after touching 40-level and this may likely introduce more bearish signals into the market.
TRX/BTC Market
Against Bitcoin, Tron (TRX) follows the downtrend, although the price action has remained intact within the descending channel if the selling pressure persists, the Tron’s price variation is likely to create a new low in the coming days. As of now, the technical indicators have turned down, which indicates that we may see a positive move in the market once they turn upward.
In addition, TRX/BTC is currently trading below the 9-day and 21-day moving averages at the 182 SAT. We can expect close demand at the 170 SAT before breaking to 165 SAT and potentially 160 SAT. In other words, if a bullish movement occurs and validates a break significantly above the mid-term supply at 190 SAT; we can then confirm an upward movement for the market. But for now, the closest supply lies at 195 SAT and 200 SAT. The RSI (14) has remained below level 40, trying to enter into the oversold zone.
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