- Tron price corrected lower sharply after setting a top near the $0.0320 level against the US Dollar.
- TRX declined below the $0.0292 support and recently tested the key $0.0255 support area.
- There is a major bearish trend line in place with resistance at $0.0285 on the 4-hours chart (data feed via Bitfinex).
- The price remains well supported on dips near the $0.0255 and $0.0248 support levels.
TRON price declined recently and tested key supports against the US Dollar and bitcoin. TRX could trade in a range for a few sessions before it could recover above $0.0285 and $0.0292.
Tron Price Analysis
This past week, TRON price climbed nicely above the $0.0300 level against the US Dollar. The TRX/USD pair traded close to the $0.0320 level before sellers appeared. A swing high was formed at $0.0320 before the price started a sharp downside correction. The price declined below the $0.0300 and $0.0292 supports to move into a short term bearish zone. Later, there was a break below the $0.0285 support and the 55 simple moving average (4-hours).
It tested the $0.0255 support area, which acted as a strong buy zone. Recently, there was a short term recovery above the $0.0260 level. The price broke the 23.6% Fibonacci retracement level of the last decline from the $0.0320 high to $0.0255 low. However, tron bulls faced a strong resistance near the $0.0275 level. The price trimmed gains and it failed to test the 50% Fibonacci retracement level of the last decline from the $0.0320 high to $0.0255 low.
On the upside, there is a strong resistance formed near $0.0280 and the 55 simple moving average (4-hours). Besides, there is a key bearish trend line in place with resistance at $0.0285 on the 4-hours chart. Therefore, a close above the $0.0280 and $0.0285 resistance levels is must for a fresh increase. The next key resistance is at $0.0305. An intermediate resistance is $0.0295 and the 61.8% Fibonacci retracement level of the last decline from the $0.0320 high to $0.0255 low.
The chart indicates that TRX price is facing an uphill task and many resistances near $0.0280. It seems like the price may trade in a range for a few sessions above $0.0255 before the next move. If there is a downside break below $0.0255, the price may test the next support $0.0248 or $0.0242. On the upside, a break above $0.0285 could set the pace for more gains.
4 hours MACD – The MACD for TRX/USD is currently flat in the bearish zone, with negative signs.
4 hours RSI – The RSI for TRX/USD is currently above the 40 level, with a bullish angle.
Key Support Levels – $0.0255 and $0.0248.
Key Resistance Levels – $0.0275, $0.0280 and $0.0285.
Tron : There remains a valid bullish bias for TRX
The bullish bias is expected to continue for Tron in the coming trading days since the bulls are totally in full control of the market.
- TRX/USD bullish bias is very strong and valid for now because the buyers are currently dominating the market
- The price of TRXUSD is trading on a method called “High and Low ZigZag method” and
- The market is expected to continue the bullish swing towards the major supply zone at $0.040214 and $0.040862 respectively
Tron Current Statistics
Current market price: $0.025436
Market Capitalization: $1,696,143,049
Trading Volume $580,084,040
Major supply zone: $0.031980, $0.040784, $0.045000
Major demand zone: $0.020436, $0.012404, $0.010000
Latest News for TRX
The Tron CEO and founder Justin Sun announced his intention to complete the large scale buyback TRX token over the coming year 2020. In the official blog post of the Tron Foundation, a $20million TRX buy-back plan got announced which could be completed in the year 2020. As this will last for one year, it will surely have an effect on the secondary market.
Price analysis for Tron
TRX/USD is currently trading in an uptrend, due to the fact that the bears have lost the control of the market. The bullish bias is expected to continue in the coming trading days since the bulls are totally in full control of the market. The buyers may have some difficulties at a major supply zone around $0.031980, and if they are able to push the price above the supply zone mentioned then, they may drag the price down to a major supply zone at $0.0450.
Chart indicators reading
All the indicators of TRX/USD are currently supporting the bullish bias; the Moving Average is pointing for the price to go up. Structurally, the Tron market is unable to break down the trend line below a major demand zone at $0.020384 and since this is a critical barrier for the bears to overcome, the market may continue trending upside for the next coming trading days.
The general outlook for Tron (TRX)
It is advisable to follow the uptrend because the overall outlook of the TRX/USD is bullish. The bulls are totally in control of the market for Tron; it appears all the attempt made by the bears to sustain the downside movement failed due to a major demand zone located at $0.020384.
Circle and Poloniex CEO joins Tron CEO for the Buffet dinner
The crypto savior Justin Sun first invited Circle CEO, Jeremy Allaire to Buffett lunch.
Jeremy Allaire, the chief executive officer of Boston-based financial technology startup Circle, agreed to an invitation today to join Justin Sun, Tron and BitTorrent CEO, for a luncheon with the influential billionaire Warren Buffet.
Jeremy, the founder of the Goldman Sachs-backed company, Circle, will be in attendance to the event alongside Charlie Lee, the creator, and founder of Litecoin. At present, Litecoin is the 4th most tremendous crypto asset in the world with a market capitalization of about 6.1 billion US dollars.
As many crypto followers know by now, Litecoin creator Charlie Lee is one of the best crypto ambassadors in the crypto ecosystem. For the past six months, the prices of Litecoin has been on fire, soaring 347 percent against the US dollar.
Since its introduction to the crypto market, Litecoin (LTC) has managed to outshine every one of the top 10 virtual assets, including EOS, Bitcoin, and Ethereum. Crypto analysts attribute the steady upsurge in Litecoin’s prices to the anticipated block reward halving event that is scheduled to take place in the next one month.
Litecoin is the only significant crypto asset that matches the performance of the number one cryptocurrency, Bitcoin, since the 2017 bull market.
The creator of Circle took to his Twitter account to express his acceptance and gratitude to Justin Sun for his invitation to the 4.6 million US dollar luncheon.
The highly anticipated lunch comes at a time when the crypto market is experiencing a series of intense debate and attacks in regards to the caliber and integrity of the crypto industry. Crypto critics are voicing their disapproval towards the technology, calling it everything from a trick to a junk pile. Crypto supporters, on the other hand, are calling it revolutionary, saying it is an idea whose time has come.
The situation is so severe that crypto was a key discussion point among G7 finance ministers who congregated in Chantilly France last week. In the current time, cryptocurrency cannot be ignored while the relevant authorities are yet to come up with a clear consensus on how the industry should be governed, Facebook’s entry into the market and the reality of cryptocurrency’s 2.5 billion users that are piling pressure to legislatures to act swiftly.
In the US, for instance, the ongoing Facebook entry into cryptocurrency controversy has incited two consecutive senate hearings this week. Facebook’s David Marcus was taken this week to the task to answer queries from members of the senate who belong to both the Republican and Democrat side.
Facebook intends to debut a virtual asset on a new global payment platform that is sparking more in-depth deliberations about Bitcoin and cryptocurrencies in general. The situation is so bad that the President of the United States, Donald Trump, tweeted a critical tweet on the subject matter.
Amidst the pressure, blockchain creators continue coming up with new products and services that are changing the financial landscape and how business is being conducted globally. The CEO of Tron Foundation and BitTorrent believe both Buffet and Trump, who made extreme comments castigating cryptos, are misinformed about the technology, its potentials and its use cases around the world.
Justin Sun hopes the one-on-one meeting will allow him and his friends to broaden Warrens overview towards the virtual economy, dismissing the old line of thought that Bitcoin was just a tool for crooks.
The current crypto market is struggling and is in dire need of a miracle. The entire crypto community will be watching to see how the meeting goes as Tron CEO has so far set up a commendable lineup that is expected to come out with some good news after the meeting.
Crypto Firm Chief Accepts Invitation to Warren Buffett Lunch With Tron’s Justin Sun
Jeremy Allaire, chief executive officer of crypto-powered finance firm Circle, has just accepted an invitation to join Tron and BitTorrent CEO Justin Sun for a lunch date with legendary investor Warren Buffett. Allaire, who founded the Goldman Sachs-backed Circle in 2013, will attend the event along with Charlie Lee, the creator of Litecoin, the world’s fourth-largest cryptocurrency, who has also confirmed his attendance as one of Sun’s guests.
The high-profile lunch comes on the heels of a series of intense debates about the caliber and integrity of the cryptocurrency industry with critics calling it everything from a scam to a cesspool, and supporters calling it revolutionary.
The topic was a key focus among G7 finance ministers who gathered in Chantilly, France on Wednesday. While regulators have reached no clear consensus on a regulatory framework, Facebook’s entry into the space – and the reality of its 2.5 billion users – have driven tremendous attention and a sense of urgency for lawmakers to act swiftly.
In the US, the ongoing controversy over crypto sparked two consecutive congressional hearings this week with politicians debating Libra while grilling Facebook’s David Marcus. The tech giant’s plans to launch a digital coin on a new global payments platform sparked even deeper discussions about Bitcoin and cryptocurrencies in general, evoking a critical tweet from President Donald Trump and warnings from Treasury Secretary Steven Mnuchin.
As progress heats up and blockchain developers continue to build new products and services, Sun says that both Trump and Buffett, who have made strident remarks condemning cryptocurrencies, are ill-informed about the tech, its benefits and its important use cases around the world. He hopes the face-to-face meeting will allow him and his colleagues to give Buffett a broad overview and a better understanding of the digital economy, shattering the old tropes and stereotypes about Bitcoin as a vehicle for crooks.
Sun also made one of his customary announcements via Twitter about an upcoming announcement, indicating that something significant is in store for his two platforms, Tron and BitTorrent
Sun won the upcoming lunch date on July 25th with the Berkshire Hathaway CEO by placing the winning bid of $4.56 million last month at Buffett’s annual charity auction for the GLIDE Foundation, a non-profit organization that provides services for the homeless in San Francisco.