- Price actions may remain in the channel boundary if the bulls show strong interest
- MACD indicator attempts to break low as more bleeding lies ahead for the market
- TRX is now trading below the $0.03 following a bearish break
Following a rising channel formation, Tron’s price has dramatically dropped to the low of $0.028 after plunging from the $0.045 high on June 26. However, the price drop is estimated by 45% over the past 15 days of trading and by 12.5% over the past 24-hours of trading as a result of selling control in the market. A bullish regroup might set a rebound in the market. As of now, the bears are dominant.
Tron’s Current Statistics
Trading Price: $0.02805
Market Capitalization: $1,871,665,658
Trading Volume: $701,954,750
Key Resistance Levels: $0.03, $0.035, $0.04
Key Support Levels: $0.025, $0.02, $0.0178
Tron Price Analysis
The current surge in volatility in the market has brought the TRX trading below the psychological support turned resistance of $0.03 as the token now trades at around $0.028 as of the time of writing.
Despite the bearish action, Tron has now met a price rejection at the channel support boundary. However, the sellers are now pretty active as they take charge of the price action.
If the sellers continue to reinforce pressure, below the channel boundary, we can then expect selling pressure to near-by support at $0.025. A break on this support may significantly floor price at the $0.02 – another critical level for the bears to see the April low of $0.0178.
Now that Tron/USD is following a bearish sentiment, at the same time, it’s essential to consider a potential reversal for this pair. The psychological resistance of $0.03 could provide a level for a retracement. From this resistance level, a bullish surge might escalate the price of TRX up to $0.035 and $0.04, near the channel resistance boundary.
Additionally, the token’s volume is decreasing on the price chart due to the current decline in the market. Therefore, we can expect more selling if Bitcoin’s price continues to drop.
The price of Tron will continue to fall until the bears exhaust momentum; by then, the bulls can regroup and show a strong commitment to power the market in an uptrend. However, TRX trading is positioned in a downtrend. It is vital to keep the trend for now.
Technical Indicator Reading
MACD reveals that the TRX market is still in a positive zone after a significant downward movement. Now, it’s attempting to cross under the zero level. A successful breach will send the token to a more severe bearish condition.
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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