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Tron price analysis: The TRX bulls show up once more, will price break up?

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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.

Tron TRX technical price analysis
TRXUSD, Daily Chart – August 19, 2019

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.

Conclusively

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.

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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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