- Tron broke out of the ascending channel pattern but may face short-term support at $0.0125.
- The technical indicators confirm a bearish swing but may turn positive if the bulls can regroup strong.
On October 9, the price of the Tron peak at $0.0175 after witnessing a two weeks healthy correction. But now, the token has now recorded a current low around $0.0143 following the recent bearish actions. Over the past few hours, the TRX market has seen a little price push with +1.98% gains. Looking at the technical indicators, the sellers are now present in the market.
Tron’s Current Statistics
Trading Price: $0.0154
Market Capitalization: $1,020,396,207
Trading Volume: $640,140,983
Key Resistance Levels: $0.016, $0.017
Key Support Levels: $0.014, $0.0125
Tron Price Prediction for October 17, 2019
Tron’s price was rejected at $0.0175 last week, and now the market appeared to be reversing bearishly on the 4-hour time frame. Breaking out of the channel formation is another indicator of shorting the TRX/USD pair. The potential support to look out for now is the $0.014 and $0.0125 levels before we can confirm a bearish continuation.
Meanwhile, the bulls are showing commitment as the market approaches the $0.016 resistance on a retracement move. A significant rise above the mentioned resistance could allow a further climb to $0.017 resistance, bringing the trade back inside the ascending channel pattern. Considering the recent price break-down, the TRX traders should continue shorting the market shortly.
In the next few hours, we should expect the bears to step back into the market, considering the October 9 reversal. But if the bulls can sustain the ongoing pressure above the $0.0175 resistance, we can expect a severe buying pressure to occur. Meanwhile, the $0.0125 support remains a short-term bearish breakout for the TRX/USD pair.
Technical Indicator Reading
The RSI divergence shows that the bears are currently in play. We should keep an eye on the 30 level for a possible rebound or even a bullish crossover.
The Moving Average Convergence and Divergence (MACD) signals a bearish crossover for Tron (TRX) to show that the sellers have assumed control of the market.
Disclaimer: The presented information is subjected to market conditions 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.