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.
Justin Sun Launched 50k TRX Giveaway Campaign
Tron and the founder’s project and CEO Justin Sun have been in the spotlight lately following the news that Sun is rescheduling the lunch with Warren Buffet.
Recently, Sun said that he’s expecting to launch the next phase of the company’s $20 million buyback plan soon.
He is also reportedly planning to reschedule his lunch with Warren Buffet.
You may recall that he was supposed to meet with Buffet on July 25 and he even invited more friends with him, and he even wrote to President Donald Trump to invite him as well.
Back in July, it was reported that Sun is unable to attend the lunch due to some disturbing reasons. Sun addressed the issues online.
Tron announces a huge giveaway
Giveaways in the crypto industry are a really popular method of attracting new users and investors.
Tron has been making use of these quite a lot lately.
Tron is in the spotlight again after the team expanded its Telegram community group and it’s conducting a TRX giveaway which totals 50,000 TRX following Justin Sun’s promise to give away $1,200,000 as UBI during the next year.
Here’s what Justin Sun posted on his social media account.
It’s been also reported that this giveaway will last until September 20, so there are four more days to go.
People received the news with enthusiasm, but some members of the community also shaded Sun as you can see below.
Another follower posted: “This old tweet never pretended partnership with NASDAQ listed company, but only “contacts”. For the rest, it’s usual JS bullsh*t, 100% agree 😂 (ps: You forgot the “Gift to the first million wallets created on …”)”
Someone else wrote this in the comments section: “what happened to that extensive campaign which you spoke about a few days ago. you said it was to come out last week, again lies Justin, not good.”
This is not the first time when Sun is shaded for his announcements.
Green day for the altcoins as Ripple, Ethereum, and Tron prices soar
The rise in XRP, TRX, and other altcoins is significant enough that Bitcoin’s share of the market is down to 68.2% from the previous 69%.
The day of the altcoins
It could be early for us to declare the alt season open. But today’s cryptocurrency market performance has leaned significantly to the altcoin holders side in a way we haven’t seen since Bitcoin’s come back on last April.
As we write this, Ripple’s XRP has risen by 10.92% in 24 hours as the third most significant cryptocurrency trades at $0.29. Ether, the world’s leading altcoin, is up by 8,02%, trading at USD 208, and close to knocking on the all-important psychological USD 210 price level’s door.
Most of the cryptocurrencies in the market capitalization top 20 are gaining big. Tron’s Tronix and Dash lead the way with green numbers at the tune of 10% and 9%, respectively.
But besides that winning duo, gains between 3 and 7% are present along with the top hundred cryptocurrencies. The rise in Ripple, Tron, and other altcoins is significant enough that Bitcoin’s share of the market is down to 68.2% from the previous 69%.
Is Bitcoin going Stable?
The funny thing is that the altcoin bonanza has not affected Bitcoin’s price in the least. The mother and father of all cryptocurrencies is somehow stuck at around the $10,260 level, and it keeps trading sideways with fluctuations of 1% or smaller. While this can be discouraging to traders who want to make a quick buck, it also means that Bitcoin has found a way to resist volatility.
Bitcoin’s been above the 10K USD mark since September 02. It went as high as USD 10,800 four days later. It was a false breakout, and the price went back to USD 10,400 in just a few minutes.
Besides that parabolic event, though, Bitcoin has defended the 10k mark for more than ten days, which is in stark contrast with the high volatility usually associated with BTC and the emerging asset class known as a digital currency.
If Bitcoin doesn’t rally in the next few hours, then the digital assets world leader could see some of its market value go away in the hands of alts like Ripple (XRP) and Ethereum. This all might make speculators try to ride the green altcoin waves to make up for the losses they’ve had during the prolonged Bitcoin sideways trading session.
So it seems like a good day to get involved with some altcoin of your preference. Of course, you must never forget to do your due diligence first, make sure you know and understand the technical analysis numbers of Ripple (or any other altcoin you wish to back), have a business plan and follow it to the end.
Timing is crucial in the cryptocurrency trading world, of course. But informed decisions are just as relevant if you want to have a good session today.
Whether you’re a Ripple, Tron, Ethereum or any other altcoin’s fan, green days afford us all the chance to become emotional and make big mistakes that could make us lose a lot of our digital wealth.
Stay calmed and keep a cool head. We will see more days like these in the future, so if, for any reason, you miss the chance to earn a profit today, don’t despair. Just keep paying attention in the future.
The crypto world is exceedingly exciting, to be sure. It’s also quite risky. Stay safe so you can keep enjoying it.
JP Morgan Precious Metals Market Revealed To Be Fixed
JP Morgan Chase, one of the biggest banking institutions in the world had to face rounds of mockery from the bitcoin community this week after it was revealed that traders had committed market fraud.
Bloomberg reports surfaced yesterday that the financial giant is facing an inquiry over the behaviour of at least a dozen precious metal traders.
Investigators on the case have said that employees willfully got involved in price-fixing of precious metals on thousands of occasions. As a result, both market members and clients of JP Morgan’s experienced losses.
Assistant Attorney General Brian Benczkowski was quoted as saying:
“Based on the fact that it was conduct that was widespread on the desk, it was engaged in thousands of episodes over an eight-year period… We’re going to follow the facts wherever they lead, whether it’s across desks here or at any other bank or upwards into the financial institution.”
As many of you will know, JP Morgan is one of the biggest firms in the world and as it happens, it is one of the biggest crypto naysayers out there. Jamie Dimon, the CEO of JP Morgan is known to be a bitcoin skeptic and has even called the leading cryptocurrency a ‘fraud’.
How the tables turn…
Since then though, Dimon has seemingly had a change of heart and has not talked about bitcoin in public since and even denied saying such things in the past.
JP Morgan has been rumoured to be releasing its own cryptocurrency dubbed JPM Coin and since the announcement, nothing much but criticism and technical characteristics have been addressed.
The ‘Rhythm’ twitter analyst summed up the precious metals fiasco by saying:
“They were charged with wire fraud, bank fraud, and market manipulation. But I was told by the CEO that Bitcoin is the fraud.”