- Tron bounced back from a sharp slump today with 50 employees serving as support.
- Although the bears may seem powerful for the time being, the bulls are still ahead!
- TRON / BTC is trading at 0.00000215 BTC with an intraday change of -2.28% while TRON / ETH is trading at 0.0003072 ETH with an intraday change of -1.32%.
The Tron Price is currently primarily trading the significant moving averages of 50, 100 and 200. The price plummeted today where it found support at the 50-day MA. Recently the 50-day moving average crossed the 200-day moving average and is still above the 200-day MA. This is an indication that despite the sharp slump, the cops are still in power today.
The Relative Strength Index (RSI) is just below the normal zone, which suggests that the bulls are looking strong for the time being. However, we could see an U-turn in the RSI if the bulls manage to maintain some critical support levels.
Overall, the Moving Average Convergence Divergence (MACD) speaks in favor of bulls. The MACD line and the signal line are still above the zero line, which means the bulls have an advantage. Although the histogram shows red bars, they would most likely be short-lived.
The Fibonacci indicator is suggesting support at $ 0.09040 and $ 0.08270. The resistances shown by Fibonacci are $ 0.09662, $ 0.10284, and $ 0.11170. If the price manages to break through the immediate resistance, Tron could encounter another resistance in the near future.
NOTE: The moving averages 50, 100 and 200 are shown in the colors yellow, white and red.
The MACD line is blue and the signal line is colored red.
The important support and resistance levels to watch out for are:
SUPPORT: $ 0.09040 and $ 0.08270
RESISTANCE: $ 0.09662, $ 0.10284, and $ 0.11170
BRING AWAY: Given the technicals, we could see the Tron price spike if it continues to hold the above three MAs and respect the support and break through the resistances mentioned by the Fibonacci.