TRON Price Analysis: Bear and Bull Resume Another Tug of War on TRX

Key Highlights

•  The TRX price fluctuates between $0.0145 and $0.016 demand zones
•  Tron bulls are facing resistance at the $0.016 demand zone in the last one week
•  The market may face a breakdown or a breakout at the $0.0145 or $0.016 demand zones

 TRON(TRX) Current Statistics

The current price: $0.015

Market Capitalization: $1,033,663,635

Trading Volume: $563,300,201

Major supply zones: $0.025, $0.030, $0.035

Major demand zones: $0.015, $0.010, $0.005

TRON Price Analysis September 09, 2019

On August 28, after a strong bearish move, Tron fell to the low of $0.015 demand zone and commenced a range-bound move between the levels of $0.0145 and $0.016 demand zones. Neither the bulls nor the bears have had the upper hand as the market makes a sideways move.

The bulls have made three attempts at the $0.016 resistance zone but were repelled. On September 5, the bears made another strong bearish move but were resisted at the $0.0145 demand zone.

However, if the bulls retest and fail to break the $0.016 resistance zone, the price of TRON may continue its downward move. Nevertheless, if the bears manage to break the $0.0145 demand zone, the market will reach the lows of $0.012 or $0.0135 demand zone. Conversely, if the bulls have the upper hand, and break the $0.016 demand zone, the cryptocurrency’s price will rise and retest the $0.018 demand zone. 

TRON Technical Indicators Reading

The blue and red line moving averages are trending southward, indicating that the market is falling. The blue line is 12-day EMA, and it is acting as a resistance to the price of TRON. The RSI indicator period 14 level 29 indicates that the crypto’s price is trading at the oversold region indicating bearish exhaustion.

Conclusion 

The price action of TRON does not show signs of price reversal as the bullish candlestick seem to be resisted by the 12-day EMA. Instead, the market is fluctuating within a tight range of $0.0145 and  $0.016 demand zones.

On the downside, if the bears end up breaking the $0.0145 demand zone, Tron (TRX)’s price will further depreciate. Nevertheless, if the bulls break the $0.016 demand zone, the market may continue its upward move. However, if these levels are unbroken, the coin will continue its sideways movement.

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.