- Tron has carved five days falling channel formation on the hourly chart with a potential surge lurking around for the token.
- If the buyers can try to gain control, the $0.03 will be exposed for a bullish surge.
- The TRX/USD pair is strongly bearish on a long-term following the past week’s decline which has floored the price of Tron at $0.02.
For the past few months, Tron’s (TRX) performance has been very low due to a recurring bearish sentiment which has slipped the market to a monthly low at $0.02 weeks back. The recently postponed news surrounding the token turned out to be a high impact one from the bear side. In fact, the token is down by 100% from the yearly opening.
However, the 12th best-performing cryptocurrency behind Cardano (ADA) is now constructing a falling wedge formation on the hourly chart as trading remain subdued with choppy price action for the past five days now. A surge in volatility is likely to play out.
Tron’s Current Statistics
Trading Price: $0.022
Market Capitalization: $1,467,225,932
Trading Volume: $423,776,040
Key Resistance Levels: $0.0235, $0.0257, $0.027
Key Support Levels: $0.021, $0.020, $0.019
Tron Price Prediction for July 29, 2019
Following the past days of price variation, the bulls have been suffering from a serious bearish action with a new bearish breakout pattern playing on the hourly chart. A falling wedge formation has held trading over the past five days now as trading volatility appears to be very low. The bearish drop is flowing over almost all the time frames at the month.
While the price actions remain choppy, let’s be on the watch for the possible Tron’s direction. For a positive spike, the $0.0235, $0.0257 and $0.027 are the major resistance levels for the token for now. Taking a look at the chart’s volume, we can see the TRX at its lowest. Therefore, a negative spike will retest important support at the $0.021 and $0.020 before a possible slip to $0.019. Still, the TRX/USD pair is bearish on a long – term.
To catch a quick dirty play from the bear sides, the short-term outlook is considered ideal for a slight change in price movement for now. If the bulls eventually show interest, we may see the market rising towards the immediate resistance level. Some technical indicator may be combined to confirm a clear bullish play.
Technical Indicator Reading
RSI for Tron (TRX) is currently testing the 45 level following a price fall at the 61 level – a tough rejection level for the token since July 22.
The Stochastic RSI 20 level has retested as a result of bounce from the overbought level. Tron is now compounding for a buy signal. Dropping to the oversold area may slump the price at $0.021.
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.