- A significant rise above the $0.030 is likely to turn the Tron market in a short-term bullish direction
- TRX bears have continued to power the market as they surge price further near the $0.020
- The sudden price drop has continued to turn the technical RSI and MACD indicators in the negative area
Within 15 minutes, Bitcoin’s price dropped by 3%, after hovering around the $10000 for two days. A price reduction of $550 has brought its current trading price at around $9450 at the moment. As a result of this bear surge, the top 20 altcoins have equally seen a sudden price drop including TRX which is now down by 2.55% has continued to fall to supports as mentioned in our previous analysis. At the same time, Tron remains within the falling channel pattern.
Tron’s Current Statistics
Trading Price: $0.022
Market Capitalization: $1,482, 116,989
Trading Volume: $466,102,710
Key Resistance Levels: $0.0235, $0.0257, $0.027
Key Support Levels: $0.020, $0.018, $0.016
Tron Price Analysis for July 27, 2019
The recent price drop has continued to position the TRX/USD pair in a downtrend after witnessing a two days choppy price action, which indicates an indecisive market as mentioned in our previous Tron’s analysis.
About a few hours ago, Tron’s price went down to $0.02145 following a sudden bearish surge. Now, we can say the sellers have stepped back into the market after a little indecisive appearance.
Looking at a short-term bear market, the $0.020, $0.018 and $0.016 may provide support levels for the next selling pressure. As we can see on the 4-hour price chart, the TRX trading volume is deficient.
However, should the $0.020 can act as a strong defense line against further bearish surge; we can expect a buying pressure to the $0.0235, $0.0257 and $0.027 resistances. Notwithstanding, Tron is still bearish on a long-term.
Conclusively:
Following the latest sharp drop, the TRX/USD pair might continue to maintain a bearish scenario as long as the sellers remain in the market. More so, Tron’s market capitalization and trading volume are reducing day-by-day, giving a check to a more possible price drop. Before we can see a clear bullish signal, there’s a need for significant growth in market cap and volume as well as a valid break above the $0.030.
Technical Indicator Reading
MACD is currently lying at the negative, revealing the market is still in a bearish trend.
RSI has continued to meet rejection at the 45 level after three days attempt to break-up. Now, the token has seen a sharp nose-dive to 36.24 level of the RSI. When would the things change for Tron? We hear you ask. We think not that quickly; it will take some time.
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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