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Tron Price Analysis: TRX Meets Critical Resistance Again, Can it Break?

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Taking a close look at the market, we can see the past four weeks of trading has presented decreasing volatility, amounting to a shrink in liquidity inflow.

  • The price of Tron is likely to create a new low if the $0.018 mark rejects the price.
  • Although the price has seen an increase of 6.78% in the last 24-hours, still Tron (TRX) remains in a robust downward range.

Over the past weeks, Tron (TRX) has been displaying a downward movement, subjected under firm bearish control. After the significant rebound from $0.02 in July, the price action is moving on a steady fall with a current price hovering at $0.018. Meanwhile, the bulls have been struggling along with the bearish favoring trend.

Taking a close look at the market, we can see the past four weeks of trading has presented decreasing volatility, amounting to a shrink in liquidity inflow. What this simply means is that the bears seem to be losing momentum.

The bulls are more likely to act upon this bearish weakness. However, if the upper boundary of the channel holds buying pressure, we might witness another terrible sell-off.

Tron (TRX)’s Current Statistics

Trading Price: $0.018

Market Capitalization: $1,204,523,596

Trading Volume: $541,003,115

Key Resistance Levels: $0.020, $0.022, $0.024

Key Support Levels: $0.016, $0.014, $0.012

Tron Price Analysis August 23, 2019

On the 4-hour chart, Tron has continued the rollercoaster move after dropping from the $0.030 in July. Currently, the price is currently testing the channel’s upper boundary at $0.018. If the market can break away this time, the price of TRX is likely to hit $0.020, $0.022, and $0.024 resistances.

Tron TRX technical price analysis
TRXUSD, 4H Chart – August 23, 2019

However, if the channel’s upper boundary continues to bolster as an active defensive line for the bears, a massive sell-off is likely to floor the market at $0.016, $0.014 and $0.012 supports. Still, the long-term outlook remains bearish for the TRX/USD pair.

Conclusively

In as much as the price actions keep respecting the descending channel formation, Tron will remain perpetually under the control of bear radar. Meanwhile, we need a strong and consistent demand to kick-start a bull run for the TRX market.

Technical Indicator Reading

The RSI 30 level has managed to act as support for the latest price drop as the market will continue to rise if the level can remain uninterrupted.

The Stochastic RSI for Tron is already in the overbought zone; possible selling pressure is likely if it turns downward.

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Tron

Tron (TRX) Price Analysis: Bulls Eyeing Recovery Above $0.0165

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  • Tron price is currently recovering and is trading above the $0.0150 resistance against the US Dollar.
  • TRX price is facing a few key hurdles near the $0.0162 and $0.0165 levels.
  • There was a break above a crucial bearish trend line with resistance near $0.0156 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to gain bullish momentum once it surpasses the $0.0162 and $0.0165 resistance levels.

TRON price is showing positive signs against the US Dollar and bitcoin. TRX price could recover significantly if it settles above the $0.0165 resistance area.

Tron Price Analysis

Earlier this month, TRON price traded to a new multi-week low near the $0.0140 level against the US Dollar. Later, the price recovered sharply above the $0.0150 level and the 55 simple moving average (4-hours). However, the upward move was capped by the $0.0162 level. Recently, there was a downside correction and the price traded as low as $0.0144. At the moment, the price is climbing higher and is trading above the $0.0150 level.

During the recent rise, there was a break above a crucial bearish trend line with resistance near $0.0156 on the 4-hours chart. The price traded as high as $0.0159 before correcting below $0.0158. It broke the 23.6% Fibonacci retracement level of the last wave from the $0.0144 low to $0.0159 high. However, the $0.0155 level and the 55 SMA are acting as strong supports.

The current price action is positive above the $0.0155 support. Having said that, there are two important hurdles for the bulls on the upside near $0.0162 and $0.0165. If there is a convincing break above the $0.0162 and $0.0165 resistance levels, the price could continue to rise. In the mentioned case, the price is likely to surge towards the $0.0180 and $0.0185 resistance levels.

Conversely, if there is fresh decline, the $0.0155 level and the 55 SMA might provide support. The main support is near the $0.0151 and $0.0150 levels, below which the price could again turn bearish. The next key supports are near the $0.0144 and $0.0140 levels.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is showing a few positive signs above the $0.0155 support area. However, the bulls might face a strong selling interest near $0.0162. If they succeed in gaining strength above $0.0162, the price will most likely surge above $0.0165. If they fail, the price could revisit $0.0150 or even $0.0144.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is currently climbing higher and is well above the 50 level.

Key Support Levels – $0.0155 and $0.0150.

Key Resistance Levels – $0.0162, $0.0165 and $0.0180.

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Tron Price Takes a Marginal Dip Since Yesterday

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Tron price is suffering from the drop. The currency had quite a disappointing quarter. From July till now, TRX price has fallen by almost 50%. The drop has caused a substantial change in the market cap also. If we look at yesterday’s statistics, the coin touched a high at 0.016041 USD and a low at 0.015475 USD.

Tron to USD Price Comparison & Predictions

Tron started yesterday at $0.015899. The currency fell to $0.015719 by 1.13%. Further, TRX revived and touched $0.015922 by 1.27%. Later, the coin dropped to $0.015438 by 3.04%. The currency closed the day at $0.015601 with regression of 1.87%.

Today, Tron price escalated at the beginning of the day. The price changed from $0.015601 to $0.015787 by 1.19%. TRX coin is dealing at $0.015787 and is expected to keep the price at the same level for the rest of the day.

Tron Price
Tron Price Chart by TradingView

TRX coin had a fabulous first half of this year. The currency was among top forces in the crypto market and dealt in fabulous market cap. The 24-hour volume of Tron is $526,691,731. The circulating supply is noted as 66,682,072,191 TRX. It is anticipated that TRX would close the year, reaching up to $0.020. The currency would go best with short-term traders.

Source.cryptonewsz.

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Tron Has Recovered from The Early Bearish Trend; Listed Recently on DigiFinex Exchange

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Tron and DigiFinex exchange recently announced a tie-up. Soon, the exchange will launch a TRX trading market where users can trade in BTT/TRX and WIN/TRX pairs. Further, DigiFinex will launch a Tron blockchain index consisting of BitTorrent (BTT) and WINk (WIN). It will ultimately reflect the market performance of Tron blockchain. Additionally, the exchange also assured for other Tron-based project listings in the future.

Current Statistics of Tron:

  • On September 15, at UTC 06:04, Tron (TRX) was trading around 0.01570186 USD.
  • Against Bitcoin, the crypto was valued around 0.00000153 BTC per chip.
  • At present, the market rank of Tron (TRX) is 14th in the cryptocurrency chart.
  • Additionally, the market capitalization of the altcoin was around 1,051,151,514 USD.
  • At the same time, the 24-hour trading volume in the coin was 588,385,505 USD.
  • With a return on investment of 668.49%, a total of 66,682,072,191 TRX chips were circulating in the market at the time of writing.

TRX to USD Price Comparison:

Tron Price chart

On August 19, Tron was trading around 0.01829 USD. However, today after 25-days, the coin has declined by a margin of 14.15%. In the weekly chart, the coin has almost recovered to its earlier level of 0.0158 USD, where it was trading on September 09. The coin declined heavily in the first few days of the week but made a bounce-back afterward. In the intraday trading, on yesterday, the coin opened 0.015528 USD, and with a hike of 1.8%, it wrapped the day around 0.015808 USD.

Tron Price Prediction and Conclusion:

The declining trend in Tron has consolidated in the last couple of days. As per our analysis, Tron (TRX) might trade around 0.05 USD by the end of 2019. At present, the immediate resistance for the coin is at 0.01607 USD, and the support level is at 0.01538 USD.

The strategic partnership with of Tron with DigiFinex will be of mutual benefit for both of them. The listing of Tron on the exchange is also a piece of delightful news for the user community. Meanwhile, it is the time for buying and holding the coin for a better return in the future.

Source:cryptocurrencynews

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