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TRXUSDT analysis ...Will TRON succumb to this selling pressure?

BINANCE:TRXUSDT   TRON / TetherUS
After TRON entered the decentralized financial network and the subsequent increase in the price of this cryptocurrency, the price has started a downward trend. The digital currency market has seen a sharp decline after the BitMEX exchange was accused of illegal activities. In the last 48hours, about $ 18 billion in capital has flowed out of the cryptocurrency market.

Will TRON succumb to this selling pressure?

Given the declining trend of the entire cryptocurrency market, it seems that the tron ​​will continue to fall. According to the daily chart , this crypto asset is trading just above the important support level of $ 0.024 (100-day moving average indicator).

On September 21, TRON set a strong support level at $ 0.024, which prevented the price from falling for three days. If this support level and the 100-day moving average indicator breaks, the price will most likely fall to $ 0.022.


So far, tron has been able to increase its price from $ 0.024 to $ 0.0249. Unfortunately, the previous highest price level was set at $ 0.026, which means that as long as we are below this level, the downtrend can continue.
On the other hand, if the support level of $ 0.024 works well, the price can increase to $ 0.026 in the short term. The next long-term target is $ 0.028 (50-day moving average indicator).
In the one-hour timeframe, the MACD indicator is entering the uptrend zone. The last time this happened was on September 29, after which the price of Theron 3 rose within 24 hours.

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👉This analysis is my personal opinion and you are responsible for your own trades or invests.
❤️with Best Regards and successful trades.

Comments

Great analysis, thanks for sharing 🦐👌🏻
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PRO_SMART_Trader plancton0618
@plancton0618, tnx for your feedback mate!!
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