Key Highlights
- The price of Tron (TRX) is currently hovering around the confluence zone, and it is expected of the market to go up. TRX/USD pair has a high probability of visiting upside, of forming the second leg of the trading setup known as “Head and Shoulder.”
- The over trend of this market is bearish, but the near term demand zone is located at $0.011, and if this zone holds, then the price may give limelight to the upside.
TRXUSD Current Statistics
Current market price: $0.022
Market Capitalization: $1,475,420,592
Trading Volume: $395,739,272
Major supply zones: $0.031, $.066, $0.075
Major demand zones: $0.011, $0.008,$0.001
Latest News on Tron
Sources say that the Tron CEO Justin Sun was unable to take part in the Warren Buffett lunch because of the trade tensions between the United States and China. The information added that Justin Sun lunch promotion was provocative according to the Chinese government; this is why the lunch didn’t take place at all.
Tron (TRX) Price Analysis July 30, 2019
The market price is currently moving around a confluence zone, but based on the market structure, the price is expected to form a trading setup called “Head and Shoulder.” And because of this, we are hoping for the Tron price to go up – and hit a minor supply zone at $0.031, after which the downtrend may likely to continue from thereof.
Chart Indicators Reading
According to the chart analysis, the market structure may likely form the Head and Shoulder, and if this setup becomes valid, TRX/USD pair will more likely visit the low at the major demand zone. However, the above view would be invalidated if the price breaks the predetermine supply zone at $0.031 because the bulls would have dominated the entire coin.
General Outlook for TRX
As things stand, the overall outlook of Tron (TRX) market is bearish; the downtrend is expected to continue towards the major demand zone at $0.011. And if that zone gets defended by the bulls then, we may see the price recovering to the upside.
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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