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Tron (TRX): A price drop lurks around the Sun-led cryptocurrency

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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.

Tron TRX technical price analysis
TRXUSD, 4H Price Chart – August 17, 2019

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.

Conclusively:

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.

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TRON Listing On Poloneix Platform Confirmed By Justin Sun

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  • TRON has just this week been listed on the Poloniex cryptocurrency platform.
  • Poloniex platform revealed that it was preparing itself to list the decentralised crypto on its platform.
  • Justin Sun confirmed it, saying on the 12th by “it’s official now.”

The 11th biggest digital currency in the market at the time of writing, TRON has just this week been listed on the Poloniex cryptocurrency platform.

Poloniex & TRON

Writing in a blog post published last week on November 9th, the Poloniex platform revealed that it was preparing itself to list the decentralised crypto on its platform. Following this news, the TRON CEO Justin Sun confirmed it, saying on the 12th by “it’s official now.”

So as from today, customers are going to be able to start posting limit orders for “TRX/Bitcoin (BTC), TRX/Tether (USDT) and TRX/USD Coin (USDC)”. 

Full trading will allegedly be put forward “shortly after this date.”

As reported by CoinTelegraph, this news came shortly after the US-based platform “was spinning out from Circle to form a new firm, called Polo Digital Assets. Poloniex said at the time that this will allow the exchange to focus on the needs of global crypto traders with new features, assets and services to boost its competitiveness in the market.”

Circle will be closing down its operations for US-based Poloniex customers though so in turn, Poloniex will no longer be available for US customers.

Price

In terms of price, TRON is performing quite well on the day as it is in the green by 4.90 percent, giving it a price of $0.020 at the time of writing. 

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Tron (TRX) Records a Marginal Drop of 0.97% Overnight

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Tron has not been able to fetch any significant growth in the last 24 hours; rather, it has witnessed an overall 0.97% decline in the value. The three price variations in this period have been in the range between 0.0193 USD and 0.0185 USD.

Tron (TRX) Price Analysis:

TRX coin’s first swing started at the opening of the day, and over the next 10 hours and 4 minutes, it was down by 4.19% to 0.01855 USD, the lowest for the day. It was followed by a 3.53% hike that added 0.00065 USD to the value and helped Tron price to reach 0.01921 USD by 18:50 UTC.

The last variation happened between 20:53 UTC and 02:14 UTC and in these 5 hours and 21 minutes, TRX price gained 0.0003 USD to touch 0.01927935 USD.

TRX Price Chart
TRX Chart by TradingView

The Market Cap, however, has shown an inclination over the last 24 hours.  Between November 11 and 12, the Market Cap has risen to 1.282 billion USD from 1.273 billion USD. The 20 days average of TRX coin stands at 0.019221 USD, and the 50 days average is now at 0.01918 USD. As per the current trend, Tron price may trade upwards in the near-term.

Tron (TRX)Resistance and Support Levels
1st Resistance$0.01942
2nd Resistance$0.01974
3rd Resistance$0.02008
1st Support$0.01875
2nd Support$0.01841
3rd Support$0.01809

Source.cryptonewsz.

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Poloniex to list Tron (TRX)

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  • TRON (TRX), ranked as the 11th largest cryptocurrency has a $1.1 billion market cap.
  • Users will be able to start posting limit orders for TRX/BTC, TRX/USDT and TRX/USDC from November 12.

Poloniex recently announced that they will be listing TRON (TRX) on its platform. Poloniex was recently sold to new owners, who are reportedly expected to boost Asian involvement. TRON (TRX) is one of the largest altcoins and is currently ranked as the 11th largest cryptocurrency. TRX has a $1.1 billion market cap.

TRX will be listed on the exchange on November 12th. Users will be able to start posting limit orders for TRX/BTC, TRX/USDT, and TRX/USDC. Currently, only limited orders are available. However, full trading will be enabled “shortly after this date.” The exchange will also facilitate TRX deposits and withdrawals in the future. The news was also confirmed by TRON’s Founder and CEO, Justin Sun.  

Poloniex team recently announced that they will be spinning out of Circle into “a new independent international company – Polo Digital Assets, Ltd. Backed by an Asian investment group, the spin-out will bring significant resources and freedom to deliver the product features and marketing strategies needed to be competitive.”

TRON also announced its partnership with the tech giant – Samsung. Samsung’s Blockchain Keystore recently added TRON’s blockchain. This will allow Keystore SDK users to create decentralized applications on it. 

Recently, the company’s Odyssey protocol was also updated. Post-update, the network incentive mechanism has attained full decentralization as everyone will be able to access the rewards data. It ensures that the voters’ rewards are secured. TRON Foundation recently announced that TRX will also be listed on McAfeeDex, a decentralized exchange launched by former antivirus software tycoon John McAfee.

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