TRX/USD Long-term Trend: Ranging
Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook continues a range-bond market. The bullish pressure was strong within the week as TRXUSD rose to $0.02969 in the supply area on 4th February. The momentum was lost as the candle closed back within the range.
The trading week ended as a bearish inverted hammer an indication that the bears’ pressure may be sustained in the new trading week with TRXUSD already down to $0.02540 in the demand area after today’s opening session.
With price below the 10-EMA and the stochastic oscillator signal pointing up at 33%. It suggests a minor drawdown before upward movement within the range.
TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
Source: Ethereum World News
Tron Price Analysis: Will the TRX Price Show Continual Upward Swing?
Most of the coins had been under huge pressure from the bears since last month, but now the situation is slightly better for Tron. With the bears being still around, the TRX coin may take some more time to stabilize.
Current Statistics of Tron
As on August 22, 2019, at 4:21:57 UTC, current statistics are as follows:
- Tron price is trading at $0.016840
- The Market Cap is around $1,121,349,564
- 24-hour volume is at $466,676,787
- ROI is at 719.81%
- Circulating Supply is at 66,682,072,191 TRX
TRX to USD Price Comparison
Tron price has been on a roller coaster ride, as seen in the 1-day Tron price chart. Yesterday, it was at a high of $0.01757663 at the start of the day. From here, the price fell to $0.016768. It again went down to 0.016308. However, in a matter of 12 hours, TRX price showed an upward trend at $0.017061, the upward trend being to the extent of 4.62%. Now the price is at $0.016840 which is lower by 1.75%. TRX price trend shows that the price has been trying to consolidate its position and has been moving in a slightly upward range for the past few days.
Tron Price Prediction and Conclusion
TRX coin had a bad time dealing with the bear pressure for the whole of July. August had also not been very favorable for the coin though the past few days seem to give a positive signal. The market appears to be on a slow recovery path. From the past data and analysis, it seems that Tron will overcome this temporary volatility in the crypto market.
Current investors should hold on to their investments and keep a long-term goal in mind as Tron has great future investment value. Short-term investors should study the trends and invest accordingly to avoid losses.
Tron adds another feather to its cap as GitHub data puts TRX in the top rungs
The GitHub data showed that Tron’s commits clocked in at 1,626 at a time when the in-app purchases witnessed a decline in magnitude from its highs in April and May.
Tron and Justin Sun have always worked in tandem to produce results in the cryptocurrency space with the network boasting impressive numbers across the spectrum. According to latest reports, the Tron network received another boost when Cryptomiso reported that TRX was ranked in at number 8 in the Github’s commits history.
The comparison and ranking were done considering 484 other cryptocurrencies and their commits history on GitHub over the past six months. According to Justin Sun:
“Hard work always shows!”
The data from Cryptomiso threw up some interesting facts, with Tron being one of the more popular mainstream cryptocurrencies on the ranking list, led by the relatively unknown Insolar [INS]. INS was followed by NULS, HOLO, Lisk, Raiden Network Token, Zilliqa and then Tron.
The GitHub data showed that Tron’s commits clocked in at 1,626 at a time when the in-app purchases witnessed a decline in magnitude from its highs in April and May. The in-app purchases on the Tron network have been the lowest in the past five months, a pattern similar across cryptocurrencies.
The number of watchers on the Tron network was 2258 while the community still expects Tron to go up on the ranking lists soon, beating the likes of Zilliqa and HOLO. Some users in the Tron community had other qualms with the industry, with one user, Cryptofaith tweeting:
“Does not matter what TRX or any other Crypto projects do. The whales and market makers of bitcoin control all other alts prices due to manipulation. I feel at this is worse than any Government as far as their control.Something needs to change or fear Crypto will be left the rich.”
The GitHub boost was not the only feather in Tron’s cap, as the organization had also reported that Tron had surpassed 12 million in terms of the blockchain’s block height. Tronscan, the popular blockchain analyzer had informed the community that:
At press time, Tronscan states that there are 1058 online nodes for Tron while the block height was at a 12.072 million. Tron further boasts impressive transactional numbers with the number of transactions on August 21 touching 3.52 million.
The community still expects the cryptocurrency to continue down this milestone achieving path, despite the bear pulling the asset to the 14th position on the price charts.
TRON price forecast: TRX bearish run may drag it to the previous lowest value
The downward movement of TRON may face little or no resistance as the coin continues its tumbling trading.
- Tron (TRX) price breaks the $0.20 demand zone after testing it twice
- If the market continues its free fall, the cryptocurrency will revisit the $0.012 demand zone
- The market corrected itself as the bulls reached a high of $0.018 demand zone but it has resumed its downward move
TRON (TRX) Current Statistics
The current price: $0.016
Market Capitalization: $1,129,502,729
Trading Volume: $468,169,744
Major supply zones: $0.025, $0.030, $0.035
Major demand zones: $0.015, $0.010, $0.005
TRON Price Analysis August 21, 2019
The price of TRON was stable above the $0.02 demand zone before it got breached. The bulls held on to this zone for over a month before the bears broke it. On July 16, the bears made the first attempt to break the $0.02 demand zone but were resisted. The market went up again and reached a high of $0.03 supply zone.
However, the bulls could not sustain the upward move, and as a result, the bears took control of price and retested the $0.02 demand zone. On August 14, the bears finally broke the $0.02 demand zone, and the cryptocurrency continues its fall. As the $0.02 demand zone was broken, the market is prone to further depreciation. The coin is likely to reach a low of $0.0.015 demand zone.
Chart Indicators Reading
The daily Relative Strength Index period 14 is level 30, which signify that the price of TRON is approaching the oversold region of the indicator. The selling pressure of TRON is approaching exhaustion suggesting the bulls to take control of price.
The colored lines of the exponential moving averages are falling downward, indicating that the market is bearish. There is a likelihood of further depreciation the moment the lower trend line is broken. On the contrary, the market will go up if the price breaks the bearish trend line.
General Outlook for TRX
The chances of the price of TRON falling are higher than its upward movement. The downward movement of TRX may face little or no resistance as the coin continues its tumbling trades. The bears’ breaking of the $0.02 demand zone is responsible for the price fall of the cryptocurrency.
The coin may face resistance at the $0.015 demand zone. Nevertheless, if the bears break the $0.015 demand zone, the market of Tron (TRX) may revisit the previous low of $0.012 demand zone.