Tron Price Analysis 1st February 2021
Tron is presently moving towards the negative side of the reading line, with the digital asset making moves towards the upper part of the moving averages. With the asset presently above the 9 day and 21 day moving averages, the bears would be charged up to take over the market and move it towards the lower region.
If this goes according to predictions, the digital asset could go way below the $0.030 price region. According to the Relative Strength Index of its on-chain analysis, the digital asset is presently moving towards the lower part of the 55 levels. This shows that the bears would take over the market in the coming days, notwithstanding the pressure that the investors put into the market.
Tron already moving in a bearish direction
According to analysts, with the way the asset is moving, it could well discover the bulls, pushing it into bullish territory. The digital asset needs the first cross above the 9 day and 21-day moving average before triggering a move, which would see the 9 day moving average move over the 21-day moving average.
If this happens then, the asset could well gift traders a shock profit as it is predicted to move close to the $0.0350 price region when that happens. If the bulls are taking over the market, they would need to gather enough momentum to smash their way past the first resistance set at $0.036.
If the bulls break above the first resistance, they would need more momentum, triggered by trader activities to break well above the other resistance set at $0.038 and $0.040. The surge is just in theory because the digital asset has been registering sideways movement in the past few days, which is predicted not to end soon.
Tron is trading low against Bitcoin
If the bears eventually take over the market, they could move further below both moving averages to post a price below the price mark of $0.030 to trade around $0.029. If the bears continue their activities, traders will hope that the support levels at $0.028 would be enough to hold the price. And if the level does not hold the price enough, they would need the bulls at either supports of $0.026 and $0.024 to defend the price.
Comparing the Tron market to that of leading digital asset, one would see that the digital asset is currently going way above the 9 day and 21-day moving averages to hit the airport level, set around 110 Satoshi. If things remain in favor of the coin and it continues to trade above both moving averages, then it could see an upward push.
If the upward push happens, the digital asset would be confronted with resistance at 120 Satoshi. Breaking above, other resistance at 125 Satoshi and 130 Satoshi are other levels to look at. Presently, the digital asset goes for sale at 96 Satoshi, and a trigger below would see it sell at 80 Satoshi.