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Tron Price Analysis: TRX Trades Below $0.03 after Bears Show-up

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Now that Tron/USD is following a bearish sentiment, at the same time, it’s important to consider a potential reversal for this pair.

  • Price actions may remain in the channel boundary if the bulls show strong interest
  • MACD indicator attempts to break low as more bleeding lies ahead for the market
  • TRX is now trading below the $0.03 following a bearish break

Following a rising channel formation, Tron’s price has dramatically dropped to the low of $0.028 after plunging from the $0.045 high on June 26. However, the price drop is estimated by 45% over the past 15 days of trading and by 12.5% over the past 24-hours of trading as a result of selling control in the market. A bullish regroup might set a rebound in the market. As of now, the bears are dominant.

Tron’s Current Statistics

Trading Price: $0.02805

Market Capitalization: $1,871,665,658

Trading Volume: $701,954,750

Key Resistance Levels: $0.03, $0.035, $0.04

Key Support Levels: $0.025, $0.02, $0.0178

Tron Price Analysis

The current surge in volatility in the market has brought the TRX trading below the psychological support turned resistance of $0.03 as the token now trades at around $0.028 as of the time of writing.

Despite the bearish action, Tron has now met a price rejection at the channel support boundary. However, the sellers are now pretty active as they take charge of the price action.

If the sellers continue to reinforce pressure, below the channel boundary, we can then expect selling pressure to near-by support at $0.025. A break on this support may significantly floor price at the $0.02 – another critical level for the bears to see the April low of $0.0178.

Now that Tron/USD is following a bearish sentiment, at the same time, it’s essential to consider a potential reversal for this pair. The psychological resistance of $0.03 could provide a level for a retracement. From this resistance level, a bullish surge might escalate the price of TRX up to $0.035 and $0.04, near the channel resistance boundary.

Additionally, the token’s volume is decreasing on the price chart due to the current decline in the market. Therefore, we can expect more selling if Bitcoin’s price continues to drop.

Conclusively:

The price of Tron will continue to fall until the bears exhaust momentum; by then, the bulls can regroup and show a strong commitment to power the market in an uptrend. However, TRX trading is positioned in a downtrend. It is vital to keep the trend for now.

Technical Indicator Reading

MACD reveals that the TRX market is still in a positive zone after a significant downward movement. Now, it’s attempting to cross under the zero level. A successful breach will send the token to a more severe bearish condition.

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Tron News Today – Top Headline for Tron TRX

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  • Tron CEO Justin Sun Promises To Make Big TRX Announcement Soon
  • Tron Collaborates with Beijing University of Posts and Telecommunications

The digital asset space isn’t short of big announcements. Major projects always bring new offerings to improve their network. Now, there might be something new from the Tron network. Reports have it that Justin Sun, the CEO of Tron, has promised the TRX community that there will be another big announcement from Tron by the end of this month. Sun was forced to remark after been provoked to do so by a Tron follower.

Sun Kept his Promise to Cut Down Social Media Appearances

It’s been a long time coming since the Tron chief and founder made his usual popular ‘announcement of an announcement’ on Twitter. Recall that Sun had promised to cut down his social media presence. This came after they were delays with his lunch with business Mogul, Warren Buffett as well as Sun’s battle with kidney disease.

To date, Sun has kept to his word. Recall that he said that there would be no ‘announcement of the announcement’ on the social media for a while. However, on October 15, the Tron chief did it again. This time, the Tron founder and CEO simply gave a reply to a question from one Tron follower, who asked him this question: “when is the big news? 

The Tron chief was forced to speak. And he declared that Tron followers can expect a big announcement from the network soon enough.

The Tron Community Assumes There is a Tron-Samsung Collaboration

However, in the comment thread, the members of the Tron community began to offer their guesses regarding the announcement that Sun suggests would be. Some suspect he intends to make the big announcement during the Halloween season. 

Others have also assumed that this is going to be an announcement of the network’s collaboration with the tech giant, Samsung. However, no one is sure of what it would be. We just have to wait and see.

Tron Collaborates with Beijing University of Posts and Telecommunications

As was initially reported by the Tron team, Tron has entered into a partnership with the State Key Laboratory of Networking and Switching. The partnership was with the information security center of the institution. The State Key Laboratory of Networking and Switching is an extension of the Beijing University of Posts and Telecommunications.

It is understood that the Tron team will use the researches’ divisions’ academic expertise of the institute to enhance the creation of the Tron Blockchain. In return for this, the Tron Foundation will “assist the university’s researchers with its group of cutting-edge technologies”.

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Tanya Abrosimova Tanya Abrosimova FXStreet Follow TRON price analysis: TRX/USD crashes to 14th place on CoinMarketCap

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  • TRON’s coin resumed the decline, broke below the trend line.
  • TRX/USD is vulnerable to further losses if the recovery fails to gain traction.

At the time of writing, TRX/USD is changing hands at $0.0148. The coin has lost over 6.5% in recent 24 hours, and the downside momentum is still growing. Currently, TRON takes 14th place in the global cryptocurrency market rating, losing three positions to Monero (XMR), Cardano (ADA) and LEO. The total market value of Tron reduced to $983 million; an average daily trading volume registered at $626 million.

TRX/USD, technical picture

TRX/USD dropped below the short-term trendline that goes from the recent low of $0.0117.  This development is regarded as a bearish signal that may result in increased downside pressure on the coin. The nearest support is located on the approach to $0.0143 (October 15 low). Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.0140 and $0.0131 ( the lower line of a Bollinger Band on a daily chart).

There are plenty of technical barriers on the way to the North. We will need to see a sustainable move psychological $0.0150 to extend the recovery towards the next barrier related by $0.0152 (the middle line of a Bollinger Band on a daily chart). Once it is out of the way, SMA50 (Simple Moving Average) daily at $0.0154 will come into focus. Meanwhile, an ultimate resistance is created by the above-mentioned upside trendline currently at $0.0158. 

TRX/USD, daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

There are plenty of technical barriers on the way to the North. We will need to see a sustainable move psychological $0.0150 to extend the recovery towards the next barrier related by $0.0152 (the middle line of a Bollinger Band on a daily chart). Once it is out of the way, SMA50 (Simple Moving Average) daily at $0.0154 will come into focus. Meanwhile, an ultimate resistance is created by the above-mentioned upside trendline currently at $0.0158. 

TRX/USD, daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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Tron TRX price is down to $0.014 amidst bearish market trend

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Tron TRX price has hit a major bearish snag today after staying afloat for some days. TRX price is down from $0.0158 range to the $0.0149 range. Tron (TRX) is the 13th largest cryptocurrency in the market with a market capitalization of over nine hundred and eighty-seven million dollars ($987.241M), and a trading volume of over six hundred and twenty-five million dollars ($625.588M).

Tron is no exception since the market as a whole is going down the bearish trend including Bitcoin (BTC) and the major altcoins. Tron TRX price chart by Trading View Tron TRX price down in bearish market trend? The cryptocurrency market has been striving ever since it topped out in June 2019. The Chicago Mercantile Exchange (CME) Group has reported on Twitter, that user interest in CME Bitcoin (BTC) is still strong, compared to Q3 2018.

The increase in open interest amounts to nearly sixty-one percent (61%). Grayscale Investments is a cryptocurrency asset manager based in the United States. The authority claimed that its product got an investment of over two hundred and fifty million dollars ($254M) in Q3 2019, although it had a total investment of over eighty-four million dollars ($84.8M). Eighty-four percent (84%) of this investment amount was gathered from institutional investors.

Facebook and Telegram’s regulatory problems, along with the rejection of the Bitcoin (BTC) exchange-traded fund proposal have not been very kind to the crypto market. Although the cryptocurrency markets are at a downfall, major crypto assets are currently trading over their support levels. Tron TRX price movement: What to expect? The TRX price dipped past the uptrend line today and is still news the same points. If the bears keep the Tron TRX price under moving averages, the cryptocurrency may lower down to $0.0136 and $0.01124.

Tron TRX price chart by Trading View If the bulls can possess the moving averages, we expected that the trading pair may push upwards to $0.01866, which has been a major barrier during the preceding pullback bids. If the bulls push the price over the $0.01866 marks, the trading pair may move back to $0.041, with a resistance level of $0.030.

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