- Summary:
- Tron price is at the crucial support-turn-resistance level of $0.1000. Fear remains the key emotion in the market.
Tron price is back up at the resistance level of $0.1000 after dropping below that point earlier in the week. The trend exhibited by this altcoin is similar to that of the leading cryptocurrency – Bitcoin. After dropping below the support level of $40,000 on Tuesday, the latter entity has surged to the support-turn-resistance level of $44,000.
As has been the case in the past, altcoins tend to take a trajectory that is comparable to that of Bitcoin. At the time of writing, Ethereum price was finding support at $3,100 after dropping to 2,650.85 for the first time since early August.
Following the decline in Bitcoin price below the crucial support level of $40,000, some investors are of the opinion that a bearish run is imminent. As such, $0.1000 will likely remain a crucial resistance level in the short term.
Tron price prediction
TRX remains on a rebound after hitting a one-and-a-half week low of 0.0863 on Tuesday. Since then, it has risen by about 14.23% to the current 0.0988. However, Tron price remains 19.51% below September’s high of 0.1230.
On a two-hour chart, the altcoin is trading slightly above the 25 and 50-day exponential moving averages. In the near term, I expect it to ease at around the resistance level of 0.1000.
A pullback is likely to place the support level along the 25-day EMA at 0.0955. On the upside, the bulls may manage to push Tron price to the support-turn-resistance level of 0.1033 before pulling back to the psychological level of 0.1000.
