TRON Price Analysis: TRX rejects the 55 EMA and the 0.014 level
- TRON trades over 3% lower on Tuesday after the moving average proved to be a decent resistance zone.
- The volume has never been the same since the spike lower to 0.00823.
TRX/USD daily chart
TRON has pushed lower after trading higher earlier in the session. The pair hit some resistance at the 55 daily exponential moving average. The price has been some quite some fall since hitting 0.02680 back in mid-February. This moves just looks like a retracement at the moment and until a lower high is created with a higher wave break we can't really call a change in trend.
Looking closer at the technicals, the volume has also not hit the heights seen on March 13th then price it its lowest level on the chart. The RSI is above 50 which is positive and the price has moved back above the important resistance zone of 0.01250. One thing is for sure this could still just be a deep retracement and we need more information before calling a change in trend.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
