- The price of Tron is likely to create a new low if the $0.018 mark rejects the price.
- Although the price has seen an increase of 6.78% in the last 24-hours, still Tron (TRX) remains in a robust downward range.
Over the past weeks, Tron (TRX) has been displaying a downward movement, subjected under firm bearish control. After the significant rebound from $0.02 in July, the price action is moving on a steady fall with a current price hovering at $0.018. Meanwhile, the bulls have been struggling along with the bearish favoring trend.
Taking a close look at the market, we can see the past four weeks of trading has presented decreasing volatility, amounting to a shrink in liquidity inflow. What this simply means is that the bears seem to be losing momentum.
The bulls are more likely to act upon this bearish weakness. However, if the upper boundary of the channel holds buying pressure, we might witness another terrible sell-off.
Tron (TRX)’s Current Statistics
Trading Price: $0.018
Market Capitalization: $1,204,523,596
Trading Volume: $541,003,115
Key Resistance Levels: $0.020, $0.022, $0.024
Key Support Levels: $0.016, $0.014, $0.012
Tron Price Analysis August 23, 2019
On the 4-hour chart, Tron has continued the rollercoaster move after dropping from the $0.030 in July. Currently, the price is currently testing the channel’s upper boundary at $0.018. If the market can break away this time, the price of TRX is likely to hit $0.020, $0.022, and $0.024 resistances.
However, if the channel’s upper boundary continues to bolster as an active defensive line for the bears, a massive sell-off is likely to floor the market at $0.016, $0.014 and $0.012 supports. Still, the long-term outlook remains bearish for the TRX/USD pair.
Conclusively
In as much as the price actions keep respecting the descending channel formation, Tron will remain perpetually under the control of bear radar. Meanwhile, we need a strong and consistent demand to kick-start a bull run for the TRX market.
Technical Indicator Reading
The RSI 30 level has managed to act as support for the latest price drop as the market will continue to rise if the level can remain uninterrupted.
The Stochastic RSI for Tron is already in the overbought zone; possible selling pressure is likely if it turns downward.
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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