- Technical indicators for Tron (TRX) are at the lowest condition with a possible buy signal
- The TRX/USD pair is down – surging after retesting the channel’s upper boundary on Sunday
- Tron’s price continues to subdue in a downward range with a current price reduction of 4.20%
The June 26 massive sell-off has continued to position Tron (TRX) in a downward range. With the current market structure, the token has been subjected to the more significant bearish scenario; following the recent price fall which lasted to $0.0167 before a slight push to a current price at $0.0173.
Is the second half of the year bringing a bear market? So far, the price of Tron (TRX) has been well-influenced by the bears since the beginning of July. For how long will it remain bearish? Until the bulls regain momentum back! But looking at the current market condition, the TRX/USD pair is maintaining a decline in the long-term.
Tron’s Current Statistics
Trading Price: $0.0173
Market Capitalization: $1,155,975,903
Trading Volume: $567,464,610
Key Resistance Levels: $0.018, $0.019, $0.020
Key Support Levels: $0.016, $0.015, $0.014
Tron Price Prediction Based on August 15, 2019, Data
Zooming into the 4-hour chart, we can see the Tron (TRX) continues to carve a falling channel pattern since the June high at $0.43. Having tested the upper boundary yesterday, the market saw a sudden sharp drop to $0.167 today. A more fall is expected to $0.016, $0.015, and $0.04 supports in the next couple of days.
But before that occurs, the TRX/USD pair may revisit the previous drop levels before a further drop. The critical level of resistances lies at $0.018, $0.019, and $0.020.Currently, the token is in the middle of a consolidation which has equally subdued the market with choppy price action. The long-term outlook is significantly revealed in a firm bear condition. However, the market will experience more fall in future trading.
Conclusively:
If the Tron (TRX) price can further break the current support at $0.0167, we can then expect selling pressure straight to the lower boundary of the channel. While deciding on the next move, it’s important to note this market is still under the bear radar.
Technical Indicator Reading for Tron
As we can see, the RSI is currently lying at the overbought area, reflecting the recent bearish action of Tron (TRX).
Since August 12, the Stochastic RSI has been dropping and has now reached the oversold territory, which may bring a positive move in the next few days.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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