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TRON Price Analysis: TRX Falls Below $0.025, Creating Fresh February Low — Can The Bulls Reverse The Recently-Established Bearish Momentum?

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  • Support for TRX moving forward: $0.024022, $0.02317, $0.02226, $0.021228, $0.021.
  • Resistance for TRX moving forward: $0.02510, $0.02578, $0.02685, $0.02806, $0.02855, $0.03027, $0.03140.

TRON Price Analysis

The last 24 hours has brought a price decline totaling 4.76% for the TRX market, bringing the price for the token down to around $0.02457, at the time of writing. The cryptocurrency has now seen a 9% price fall over the past 7 trading days but is still up by a total of 7% over the previous trading month.

With a market cap value of $1.62 billion, TRON remains in 8th position as the 17-month old project now trades at a value that is 90% lower than the all-time high price.

TRX/USD Price

Tron Analysis

Since our last TRON analysis, we can see that price action has slipped below the previous trading range and broke beneath the $0.025 handle.

The market is now currently trading marginally below the support at the short-term .618 Fibonacci Retracement level (drawn in blue) priced at $0.024705, although it looks like it would like to head much lower.

Trend: Bearish

As the market has broken beneath the previous trading range and fallen below the $0.025 handle, we can consider this market bearish in the short term. However, for this market to be considered bearish in the long term, we would like to see price action break below the $0.021 handle.

For this market to be considered bullish, we would need to see price action rise above the $0.028 handle to create a fresh higher high.

Where is the TRX/USD Market Likely to Head Towards Next?

If the bearish pressure continues and TRX/USD falls lower, we can expect immediate support towards the downside at the medium-term .5 Fibonacci Retracement level (drawn in green) priced at $0.02402.

If the sellers push TRX/USD below the $0.024 handle, there is further support located at the short-term .786 and .886 FIbonacci Retracement levels (drawn in blue), priced at $0.02317 and $0.02226 respectively.

Further support beneath the $0.022 handle can then be located at the medium-term .618 Fibonacci Retracement level (drawn in green) priced at $0.02122.

What if the Bulls Regain Control of the TRX/USD Market?

Alternatively, if the buyers can regroup and begin to push the market above the $0.02470 handle, we can expect higher resistance to be located at the February 2019 low priced at $0.025510. This is followed by further resistance above at the short-term .5 and .382 Fibonacci Retracement levels (drawn in blue), priced at $0.02578 and $0.02685 respectively.

Higher resistance can then be expected at the April 2018 low priced at $0.02806. Following this, there is more resistance at the medium-term .382 Fibonacci Retracement level (drawn in green) priced at $0.03027.

TRX/BTC Price

Tron/Bitcoin Analysis

Since our last analysis, TRX/BTC price action has also slipped below the previous support at the short-term .382 Fibonacci Retracement level (drawn in blue) priced at 755 SATS. The market then continued to slide beneath the support at the .5 and .618 Fibonacci Retracement levels (drawn in blue), priced at 724 SATS and 693 SATS respectively.

We can see that the market has reached support recently at a short-term downside 1.272 Fibonacci Extension level (drawn in orange) priced at 662 SATS.

Trend: Bearish

As the market has broken below the 724 SATS handle, we can now consider this market is bearish in the short term. For the market to be considered bullish, we would need to see TRX/BTC rally and climb above the 800 SATS handle.

Where is the TRX/BTC Market Likely to Head Towards Next?

If the bears continue with their newly-established momentum and push TRX/BTC lower, we can expect immediate support below to be located at the short-term downside 1.272 Fibonacci Extension level (drawn in orange) priced at 662 SATS. This is closely followed by more support at the medium-term .382 Fibonacci Retracement level (drawn in green) priced at 651 SATS.

If the sellers cause TRX/BTC to fall lower, there is more support located at the short-term .886 Fibonacci Retracement level (drawn in blue) priced at 623 SATS. There is also more support at the short-term downside 1.618 Fibonacci Extension level (drawn in orange) priced at 610 SATS.

If the market falls below the 600 SATS handle, more support below can be expected at the medium-term .5 and .618 Fibonacci Retracement levels (drawn in green), priced at 590 SATS and 529 SATS respectively.

What if the Bulls Can Regain Control and Climb Higher?

Alternatively, if the bulls can regroup and begin to turn the decline around, we can expect them to hit immediate resistance above at the short-term .618 and .5 Fibonacci Retracement levels (drawn in blue) priced at 693 SATS and 724 SATS, respectively.

Further higher resistance above this can be located at the short-term .382 and .236 Fibonacci Retracement levels (drawn in blue) priced at 755 SATS and 793 SATS, respectively.

Conclusion

After such an epic run over the past 2 months, it is no surprise to see that the bulls have reached a point of exhaustion in the market.

However, this decline should not be expected to continue for too long considering the level of hype surrounding the TRON platform and the newly-launched BitTorrent Token.

Source: investinblockchain

Tron

Tron Price Analysis: Will the TRX Price Show Continual Upward Swing?

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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 chart - Aug 22
Tron Chart By TradingView

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.

Source.cryptonewsz.

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Tron

Tron adds another feather to its cap as GitHub data puts TRX in the top rungs

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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.

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TRON price forecast: TRX bearish run may drag it to the previous lowest value

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The downward movement of TRON may face little or no resistance as the coin continues its tumbling trading.

Key Highlights

  •  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.

TRXUSD- Daily Chart August 21, 2019

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.

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