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Tron

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.

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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