- Tron price started a sharp downside correction from the $0.0331 high against the US Dollar.
- TRX price found support near the $0.0245 level and it is currently moving higher towards $0.0300.
- There is an ascending channel forming with support near the $0.0270 level on the 4-hours chart (data feed via Bitfinex).
- The price remains well supported on the downside and it could soon climb above $0.0290 and $0.0300.
TRON price is slowly gaining bullish momentum against the US Dollar, but struggling vs bitcoin. TRX could start a strong upward move if there is an upside break above $0.0300.
Tron Price Analysis
This past week, there was a strong rally in TRON price above the $0.0250 and $0.0280 resistances against the US Dollar. The TRX/USD pair even broke the $0.0300 level and settled above the 55 simple moving average (4-hours). Finally, there was a push above the $0.0320 level and the price traded to a new monthly high at $0.0331. Later, there was a sharp downside correction below the $0.0320 and $0.0300 levels. The price even declined below the $0.0280 level, but it found support near the 55 simple moving average (4-hours).
A swing low was formed at $0.0247 and the price is currently moving higher. It climbed above the $0.0265 level and the 23.6% Fibonacci retracement level of the last decline from the $0.0331 high to $0.0247 low. However, the $0.0285 and $0.0290 levels are currently acting as hurdles. The 50% Fibonacci retracement level of the last decline from the $0.0331 high to $0.0247 low is also acting as a resistance for the bulls. A clear break above the $0.0290 level is likely to open the doors for more gains in the near term.
On the downside, there are many supports near the $0.0270 and $0.0265 levels. There is also an ascending channel forming with support near the $0.0270 level on the 4-hours chart. A downside break below the $0.0265 support level may open the doors for more losses in the near term. The next key supports are near $0.0250 and $0.0245.
The chart indicates that TRX price is following a decent bullish path above the $0.0265 support. Therefore, there are chances of more gains above the $0.0290 and $0.0300 levels. The next main resistance is near the $0.0330 level, above which the price could trade towards the $0.0360 level.
4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone, with positive signs.
4 hours RSI – The RSI for TRX/USD is currently above the 50 level, and it could continue to rise towards the 65 level.
Key Support Levels – $0.0265 and $0.0270.
Key Resistance Levels – $0.0290, $0.0300 and $0.0312.
Tron (TRX) Price Analysis: Trend Remains Bearish Below $0.020
- Tron price declined heavily after it settled below the $0.0200 support against the US Dollar.
- TRX price is currently correcting higher after trading to a new monthly low at $0.0159.
- There is a significant bearish trend line forming with resistance near $0.0184 on the 4-hours chart (data feed via Bitfinex).
- The price is likely to remain in a downtrend until it settles above the $0.0184 and $0.0200 resistances.
TRON price is trading in a major downtrend against the US Dollar andbitcoin. TRX price could only start a strong recovery once it breaks $0.0184 and gains strength above $0.0200.
Tron Price Analysis
This past week, TRON price accelerated its decline below the $0.0200 support against the US Dollar. The TRX/USD pair even broke the $0.0185 support level and settled below the 55 simple moving average (4-hours). It opened the doors for more downsides and the price tested the $0.0160 support level. A new monthly low was formed near $0.0159 and the price recently started an upside correction.
There was a break above the $0.0170 resistance plus the 23.6% Fibonacci retracement level of the last major decline from the $0.0212 high to $0.0159 low. Additionally, the price managed to pop above the $0.0180 level. However, the upward move was capped by the $0.0184 and $0.0185 resistance levels (the previous supports). The 50% Fibonacci retracement level of the last major decline from the $0.0212 high to $0.0159 low is also near $0.0185.
Moreover, there is a significant bearish trend line forming with resistance near $0.0184 on the 4-hours chart. Therefore, tron price is likely to face a strong selling interest near the $0.0184 and $0.0185 levels. The 55 simple moving average (4-hours) is also near the $0.0185 level to act as a hurdle. If there is a break above $0.0185, the price could recover towards the $0.0194 resistance.
The main resistance is near the $0.0200 level, above which the price could gain bullish momentum. Conversely, if the price fails to climb above $0.0185, there could be another bearish wave. An immediate support is near the $0.0172. The next key support is at $0.0165, below which the price might aim $0.0160.
The chart indicates that TRX price is still trading in a major downtrend below $0.0185 and $0.0200. A successful close above $0.0185 might increase the chances of more upsides. However, a clear break above $0.0200 is needed to decrease the current bearish pressure.
4 hours MACD – The MACD for TRX/USD is losing momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is about to break the 50 level.
Key Support Levels – $0.0185 and $0.0200.
Key Resistance Levels – $0.0172, $0.0165 and $0.0160.
Tron’s latest weekly report highlights new block height, surges in real-time accounts & transaction numbers
The Tron Foundation updated the community about recent developments in its ecosystem through its weekly report. The report highlighted the progress of Tron over the past week. The community was elated by the fact that block height had exceeded 11.86 million, while registering 1,145 nodes in Tron ecosystem.
Further, real-time accounts also grew and stood at 3,483,472, along with the addition of 47,599 new accounts over the network. The total number of transactions reached 5.95 million.
It is important to note that 3 new DApps were added to the existing list of 554 DApps, registering a week-on-week growth of 0.5%. Tron enthusiasts were thrilled with the official launch of SUNNetwork Code V1.0. Further, the report also shared the news about the SUN Network getting integrated with TronLink.
Tron shared the update over Twitter, tweeting,
“#TRON Weekly Report 1. Completed code migration for part of the transaction module. 2. #SUNNetwork code V1.0 officially launched. 3. Total number of TRON real time accounts have surpassed 3.5M. #TRX $TRX”
The report also spoke about the upcoming DAppchain MainNet, a launch which will happen later. Also, the total transaction volume of Tron increased to $529,885,545, recording a growth of $49,053,189 over the past month. The Tron ecosystem cheered after the total circulation flow of TRC20-USDT, Tron’s stablecoin, exceeded $110 million. With DAU of Tron DApps reaching 186,300, Tron also registered a total trading volume of $3.25 billion.
The Tron Foundation is also looking forward to improving and implementing MPC second-stage participant action documentation.
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.