- Tron (TRX) is currently in the middle of consolidation after a severe drop from the $0.030 on July 20
- While TRX remains in a choppy market, a price surge is more likely to play out
- Tron’s price is nearing the July 17 low at $0.020 after the past days of bearish action which has brought the current price at around $0.217
Since the yearly opening, Tron (TRX) is yet to display a significant bullish move as the market continues to follow a downward movement. Against the Bitcoin market, the market has dropped below 2018 low as the price action keeps looking for a firm level to bolster on.
The token is now priced at around 0.00000220BTC. In the same direction, TRX is in the middle of consolidation on the 4-hour chart as the market remains indecisive with choppy price actions, against the USD. We have seen a price reduction of 1.24% since yesterday. If it furthers drop, the price may retest the July 17 low at $0.020.
TRX’s Current Statistics
Trading Price: $0.0217
Market Capitalization: $1,4450,152,859
Trading Volume: $383,083,874
Key Resistance Levels: $0.0235, $0.0257, $0.027
Key Support Levels: $0.020, $0.018, $0.016
Tron price prediction as per the data on August 2, 2019
As we can see on the 4-hour chart, Tron (TRX) is on the downside following a five-week falling channel pattern. From a technical standpoint, the bears are in charge of this market. Since July 27, the token has remained in a squeeze owing to inactive trading with low volatility in the market. This signals a shock wave lurking around the corner. However, we need to look out for the possible levels for the price surge.
For an upsurge, the Tron’s price is likely to meet short-term resistance at $0.235, $0.257, and $0.27 before we can see consider more levels for the trade. A down surge, however, could plummet the market to $0.18 and $0.16 supports after a possible break at $0.020, the July 17 low. On a long-term outlook, TRX/USD pair is still dominant bearish bias. We can anticipate the price to dip further if the sellers remain in the market.
If the current statistics can start to increase now, we may see TRX price on the high as a possible channel break-up may play out as well. On the other hand, a continuous subdued statistic may result in a more bearish action. While the price is in a consolidation mode, it’s advisable to stay away in this market for now.
Technical Indicator Reading
After dropping from the overbought area on July 20, the RSI has maintained trading below the 50 level, showing the sellers are still crowding the market.
The Stochastic RSI for Tron is now retesting the 20 level after a hefty price drop. The token may rise if the indicator turns upward.
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.