Tron (TRX) Price Analysis – April 22
Following the last price drop across the crypto space in recent days, most of the major cryptocurrencies have suffered a significant loss.
Resistance levels: $0.150, $0.160, 0.170
Support levels: $0.090, $0.080, $0.070
Since April 16, TRX trading has been following a bearish scenario as price action drops on a daily basis except for the past few days. Moving in the ascending channel, Tron is currently trading below the 9-day and 21-day moving averages following this week’s heavy selling pressure in the market over the past 4-days of trading.
What to Expect from Tron (TRX)
At the time of writing, the bearish scenario is even more dominant as sellers continue to post firm commitments. We could see a sharp drop in support of $0.011 and $0.010. Breaking the aforementioned support could further weaken the market to $0.090, $0.080, and $0.070. A higher possible swing is likely to retest the previous resistance levels of $0.012 and $0.014. If the bulls manage to fuel the market with the mentioned resistance levels, we can expect a further increase to $0.015, $0.160, and $0.170.
However, the technical indicator RSI (14) is now showing a downward trend, indicating the latest selling pressure on the market and at the same time meeting reliable support at level 51. Therefore, a low break for Tron (TRX) could be imminent.
TRX/BTC Market: Remains at the Upside
Looking at the daily chart, comparing TRX with BTC, the pair is trading within the moving averages after hitting another solid support at 222 SAT. However, the Tron price could see another sharp drop below the 21-day moving average. Breaking this barrier could further take the market to the critical support levels at 200 SAT and below.
In addition, the TRX price is now trading at the 229 SAT level, if the bulls can hold the price as it is and move the market to the next level, the next key targets for the bulls lie at 240 SAT and 260 SAT respectively. Reaching these levels might move it to 270 SAT and above. Meanwhile, RSI (14) is now lying at 59-level, indicating an indecisive market for the coin.