Tron, like all the other cryptocurrencies, has settled down after a short-term rally and is now the eighth-largest cryptocurrency in the world. The price of Tron, at press time, was $0.0256, with a market cap of $1.7 billion.
The 24-hour trade volume for TRX was $195 million and most of the trade volume came from OEX exchange as it contributed a total of $49 million via trade pair TRX/ETH and held 24.73% of the total trade volume.
The downtrend for the one-hour chart is seen ranging from $0.0310 to $0.0262, with no uptrend in sight. The support at $0.0254 has been tested multiple times and is still holding strong. The prices for TRX are bouncing from the aforementioned support and the resistance point at $0.0283.
The Parabolic SAR markers are seen spawning above the price candles, indicating a bearish pressure for TRX.
The MACD indicator shows MACD and the signal lines creeping closer to each other, signaling a cross over to the bottom – bearish crossover.
The Awesome Oscillator shows the same sign as the above indicators, which is bearish since the lines are formed below the zero-line, indicating a reduction in the momentum of the prices.
The one-day chart for TRX shows an uptrend that ranges from $0.0129 to $0.0253, while a downtrend that extends from $0.0498 to $0.0294. The support at $0.0119 is holding the prices above it. The resistance at $0.0267 was breached recently by the bulls, however, the bulls couldn’t hold it there and prices have now fallen below it again.
The MACD indicator shows a bearish crossover that is about to fall below the zero-line indicating a strong bullish pressure for TRX in the longer time frames as well.
The Stochastic indicator shows the same as the MACD i.e, a bearish cross over.
The Chaikin Money Flow indicates that money is flowing out of the market since the CMF line is collapsing below the zero-line.
The one-hour chart for TRX shows trend reversals as spotted by indicators SAR, MACD, and AO. The one-day chart shows the same as the one-hour – bearish pressure. The indicators in MACD, Stochastic and CMF, all indicate a bearish pressure for TRX.
Tron price analysis: The TRX bulls show up once more, will price break up?
In as much as we continue to see a low amount of trading volume in the market, the price of Tron (TRX) will continue to drop.
- Tron (TRX) is currently facing a fierce resistance around the $0.018 level and at the same time testing the channel’s upper boundary.
- While Tron (TRX) remains on a long-term bearish trend, the price is up by 2.39% at the time of writing.
Tron’s price has seen a two days steady rise with current price floating at $0.018, although the TRX market is still correcting south on the daily chart. But recently, the price actions have been trading much around the upper boundary of the two months falling channel (yellow).
More so, the token has managed to near the 2018 low at $0.011 during last week’s trading, but the price sharply rebounded after testing the $0.016 level. However, the second half of the year’s short opening has subjected the market in a bearish trend. Meanwhile, Tron (TRX) was trending decently in a rising channel (white) before it got broken on July 14.
Tron (TRX) ’s Current Statistics
Trading Price: $0.018
Market Capitalization: $1,206,489,036
Trading Volume: $409,088,386
Key Resistance Levels: $0.020, $0.022, $0.024
Key Support Levels: $0.016, $0.014, $0.012
Tron Price Prediction August 19, 2019
Taking a look at the daily chart, Tron (TRX) remains in a downward movement despite recording a 2.39% positive change over the last 24-hours if trading. Following the bearish sentiment, the next level of support lies at the $0.016 and $0.014. A further drop beneath this price levels may bring price at $0.012 support.
Considering an uptrend for the TRX/USD pair, we need to see a nice build-up above the falling channel to bring us to $0.020, $0.022, and $0.024 resistance levels. As it appears now, the buyers seem to be facing fierce resistance at the $0.018 level. As we can see on the price chart, Tron’s volume appeared to be low over the past two weeks.
In as much as we continue to see a low amount of trading volume in the market, the price of Tron (TRX) will continue to drop. However, the price will go up until we begin to see a consistent upward movement along with an increasing volume to give the market strength.
Technical Indicator Reading
The RSI has been falling since June and now lying at the oversold level. Tron (TRX) is likely to go up if the ongoing positive move can continue for the rest of the week.
The Stochastic RSI is slowly climbing back after dropping in the oversold territory. The potential resistance levels may come into play if the indicators keep rising.
Tron mainnet registers more than 3.5 million accounts; TronWallet extends support to Bitcoin
From the launch of the Sun Network to retain its dominance in the DApp space and completing its incentive plan 2.0 with Tether, Justin Sun’s Tron Foundation can boast a series of development over last few weeks.
Recently, TronWallet shared an update on Twitter, suggesting that Bitcoin is the latest addition to the TronWallet. The wallet will reportedly support Bitcoin in the near future, even though, no timestamp was mentioned. The tweet read,
Additionally, the Tron Foundation through its Twitter handle updated the community about yet another achievement in the ecosystem. The tweet shared that Tron mainnet shelters more than 3.5 million accounts. The tweet read,
The tweet additionally suggested that block height had touched 11984687 with 1073 online nodes.
Despite several efforts by the foundation to up its game in the crypto-verse, the network’s native coin TRX was seen plummeting to the 14th position on CoinMarketCap’s top cryptocurrencies.
On the brighter side, the 24-hour price change of the coin indicated a 6.42% increase and the coin was valued at $0.0179. The coin recorded a market cap of $1.20 billion and the 24-hour trading volume of TRX was $407 million, at the time of writing. Most of the trading volume of the coin came from Cat.Ex exchange via trading pair, ETC/TRX.
Tron (TRX): A price drop lurks around the Sun-led cryptocurrency
Looking at the 4-hour chart, the TRX/USD pair is maintaining a downtrend as the bears regroup for more selling pressure in the market.
- The price Tron (TRX) is still trading intact in the medium-term channel which is drawn from late June
- The technical indicators for TRX/USD pair suggested more fall in price.
- Tron’s price is likely to make a bull-run if the price can remain breakthrough $0.020 resistance level.
Since late June, the price of Tron (TRX) is seriously losing value under the control of a bear action which has made price action to follow a medium-term channel formation. As we can see now, the price drop has brought trading at $0.017 price level, which is aggregated to a 55% loss over the past weeks of decline.
But the last 48-hours have subjected the token to a squeeze – showing a lack of interest in the market. Tron (TRX) might further rally if a bearish step back occurs. Despite the swing low, TRX remains the 14th most-traded cryptocurrency based on market cap.
Tron’s Current Statistics
Trading Price: $0.017
Market Capitalization: $1,137,454,020
Trading Volume: $362,965,362
Key Resistance Levels: $0.018, $0.019, $0.020
Key Support Levels: $0.016, $0.015, $0.014
Tron Price Prediction August 17, 2019
Looking at the 4-hour chart, the TRX/USD pair is maintaining a downtrend as the bears regroup for more selling pressure in the market. Now that the market is consolidating, we can expect close supports at $0.016, $0.015 and $0.014 levels. That’s if a bearish continuation occurs. As appeared on the price chart, the Tron (TRX) trading volume is meager as a result of a seven weeks bear dominance.
However, if the market can return under the control of bull radar, a trend reversal is likely to play out to immediate resistances at $0.018, $0.019 and $0.020 levels. But for now, there’s no sign of buying pressure. Due to this, the price if Tron (TRX) has remained in a bearish scenario in the daily chart as well as the hourly chart.
In as much as the supply remains substantial, the price of Tron (TRX) will continue to fall severely until the market locates reliable support that is capable of suppressing selling pressure in the market.
Technical Indicator Reading
The RSI indicator for TRON (TRX) has been creating a lower low and lower high since August 5. If the buyers remain weak, the next will fall at the extremely oversold region.
Stochastic RSI has swung to the overbought zone, revealing a potential drop lurks around.