- Tron market is getting horrible as bears continue to paint the market red
- Technical indicators confirm a long-term bearish scenario for the market
- TRX rebounds after meeting support at the $0.02, more sell-off is expected to play out
Tron is now on a downside following the past weeks’ decline, which has caused the market to see a price drop of 45% during the course of trading. However, the bearish scenario has become uglier after breaking through the long-term channel formation. Now, TRX has found support at the $0.02 as trading rebound a bit around $0.02. Selling pressure would continue to critical supports once the bears gather momentum.
Tron’s Current Statistics
Trading Price: $0.021
Market Capitalization: $1,397,726,833
Trading Volume: $548,475,407
Key Resistance Levels: $0.023, $0.025, $0.027, $0.03
Key Support Levels: $0.02, $0.018, $0.016, $0.0122
Tron Price Prediction
A few days ago, TRX saw a sharp nose-dived from the seven months rising channel formation after a massive fall from the $0.0453 high in late June. As it appeared on the daily chart, the bearish scenario is becoming uglier as the price continues to drop to potential supports as mentioned in our previous analysis on Tron.
Now, the token has seen a quick price rejection after meeting necessary support at $0.02. If the bulls can regroup from this support, the market may see a rapid bullish reversal to close-by resistances at $0.023 and $0.025 before a further rise to critical levels of $0.027, $0.03, bringing us back in the long-term rising channel.
But as it stands now, the bears are very active and dominant, gaining the control of the market over the past few days. Therefore, we can expect the next selling pressure towards the $0.018, $0.016, and $0.0122 once we have a definite surge below the critical support at $0.02.
Another thing to consider is the trading volume as revealed on the daily price chart. We can see it’s now fading in and leaning lower. This shows the low amount of liquidity from the bull sides, subjecting the market to bearish control.
So far, we have seen a significant price fall over the past few days following the bearish sentiment in the market. If it continues, the price of Tron will continue to drop to near-by supports until we see a bullish comeback, which could possibly bring back a green momentum. For now, the bulls are in control of the market.
Technical Indicator Reading
MACD is now bearish for Tron (TRX) as a result of the hefty supply in the market. The token will continue to stay in the negative zone until the market reverse.
RSI meets support at the 30 level – a significant break could send selling pressure to the oversold area.
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.