- Tron (TRX) is looking for a stable rebound level around the channel’s lower boundary
- The TRX/USD pair is showing a sign of weakness, but the technical indicators show that the bulls are in control.
Tron’s price is steadily maintaining a higher high and higher low over the past few days, making the market to touch $0.0185 on September 18. The price of TRX has now dropped to $0.0174 after a slight pullback in the market.
Despite the drop, the TRX market is currently up by +2.11%, bringing the market under the bull radar. After overtaken by Monero (XMR), Tron has now dropped to the 13th most-traded cryptocurrency by market cap.
Tron’s Current Statistics
Trading Price: $0.0175
Market Capitalization: $1,154,878,753
Trading Volume: $651,632,579
Key Resistance Levels: $0.0181, $0.019
Key Support Levels: $0.0165, $0.016
Tron Price Prediction for September 20, 2019
On September 6, Tron held support at $0.014 and has continued to bolster for the past few days of bullish swing. After meeting the channel’s upper boundary, yesterday, the TRX/USD pair got rejected to the $0.0165 support before gaining recovery back to $0.018 resistance level. Now, the price has dropped a bit to $0.0174, where TRX is currently trading at.
A further sell may cause the market to retest the $0.0165 support, testing the channel’s lower boundary. Should the market bounce back, we may see the next buying pressure towards the $.081 and $0.019 resistance. Nevertheless, TRX is still maintaining a bullish trend on the 4-hours chart.
Conclusively
In as much the TRX/USD pair continues to shape in an ascending channel pattern, we can expect the market to keep maintaining a bullish moment. But if the price actions drive beneath the channel formation, the token may fall to the August 29 support and below.
Technical Indicator Reading
RSI for Tron is still holding at the 50 level after the recent price drop in the market. A drive beneath the mentioned level could send the token in the oversold zone.
The MACD moving averages have crossed in the positive zone, reflecting a weakening momentum in the market.
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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