- TRX saw a sharp nosedive after meeting crucial resistance at $0.030
- The weekly short opening has paved the way for a bearish continuation across lower time frames
- $0.020 could provide short-term support for the market if selling pressure continues to play out
Following the latest news surrounding the Tron (TRX) market as per the much-anticipated lunch meeting by the Tron founder, Justin Sun, to discuss the future of cryptocurrency and blockchain with the investing magnate Warren Buffet, which was unfortunately postponed owing to a critical medical state.
However, this could have been the major cause of the last 24-hours substantial price drop of about 16.3% for the TRX/USD pair. If a bullish action fails, we may see a short-term price at $0.02.
Tron’s Current Statistics
Trading Price: $0.024
Market Capitalization: $1,620,245,858
Trading Volume: $688,585,176
Key Resistance Levels: $0.027, $0.030, $0.033, $0.035
Key Support Levels: $0.02, $0.018, $0.016, $0.0122
Tron Price Prediction for July 23, 2019
From the $0.02 monthly low, the TRX/USD pair has retraced back to the important level of $0.030 area from where the market rolled back to the current price level at around $0.024. The bears are again stepping back into the market.
This time, the Tron (TRX) bear may pull the price back to technical support at $0.02 before a possible surge to long-term supports at $0.018, $0.016 and $0.0122. As we can see on the daily price chart, trading volume is drastically dropping due to a hefty supply in the market.
As the weekly opening on a short position, the token is strongly trending bearish on all the lower time frames. In fact, the hourly time frame has been significantly painted in red.
However, if the bulls turn active, we can expect a buying pressure towards the $0.027 and $0.030 resistances. An upsurge may bring the market as high as $0.033 and $0.035.
Conclusively:
Following the $0.03 price rejection, TRX/USD pair will continue to sell until the trading found reliable support to suppress pressure of sale in the market. If the $0.02 can rebound price again, we can then expect a positive move for Tron. Otherwise, the bearish scenario might become uglier as trading goes by.
Technical Indicator Reading
MACD indicator for Tron (TRX) is still in the bearish zone, yet to signal a bullish swing. On the 4-hour time frame, the MACD is turning downward due to a slight pullback. If the market significantly falls back to the monthly low, the indicator may completely switch back to negative.
The daily RSI for TRON has seen a sharp decline after rebounding at the 30 level. Further surge might bring the indicator to a retest at the rebound level before deciding on the next move.
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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