Key Highlights
- Price of TRON is characterized by small body candlesticks which indicate small buying and selling activity
- On August 28, the bears hit back with a strong selling pressure
- The market retested the $0.018 resistance zone twice before the resumption of the downward move
TRON (TRX) Current Statistics
The current price: $0.015
Market Capitalization: $1,032,162,021
Trading Volume: $437,654,501
Major supply zones: $0.025, $0.030, $0.035
Major demand zones: $0.015, $0.010, $0.005
TRON Price Analysis August 31, 2019
The downward trend of TRON is continuing as the market resume strong selling pressure. On August 14, the bears broke the $0.018 resistance zone as the coin depreciate to the low of $0.016 demand zone. After that, the market retested the $0.018 resistance zone on two occasions but failed to break it.
The Sun-led cryptocurrency’s price commenced a sideways move, which resulted in the appearance of small body candlesticks, indicating little buying and selling activity.
On August 28, the bears resumed with an intense selling pressure which broke the $0.016 and $0.17 support zones. In the previous week, the market has been fluctuating between the $0.0165 and $0.0185 demand zones.
The price of TRON was expected to rise if the bulls succeeded in breaking the $0.0185 resistance zone. As the bears broke the $0.016 demand zone, the downtrend is continuing.
TRON Technical Indicators Reading
The price of TRON had earlier broken the bearish trend line, and the candlestick closed above it, but the selling pressure resumed at the $0.018 resistance zone. Also, if the downward trend continues and price breaks the lower trend line, the market will fall and reach the previous low of $0.012 demand zone.
The price of TRON is below 40% range of the daily stochastic indicator. This suggests that the market is in a bearish momentum and a sell signal. The blue line and the red line moving averages are trending southward indicating that price is falling.
Conclusion
The price of TRON is likely to revisit the previous low at $0.012 demand zone as the coin faces intense selling pressure. The stochastic indicator indicated a bearish momentum suggesting that more sellers have been introduced in the $0.018 demand zone. On August 23, the crypto’s price made a false breakout at the bearish trend line as the bulls tested the $0.018 resistance zone. The market is now continuing its downtrend.
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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