Tron price analysis: TRX shows a weak sign as sell-off compounds

• Tron (TRX) continues to stay under the control of bear radar on a long-term outlook.
• The three-day positive momentum halts as Tron (TRX) prepares for bearish continuation

Today, the crypto market has gone red once more after a measurable recovery over the past few days, especially the Tron (TRX) market that is showing a sign of weakness in price in the intraday trading.

The $0.018 price level has proven difficult for buyers, and now, the market is looking bearish, and the price is facing lower levels. Interestingly, it appears the upper boundary of the channel might continue to hold buying pressure for the next couple of days and to subject the TRX/USD pair under bearish control.

Tron (TRX)’s Current Statistics

Trading Price: $0.0176

Market Capitalization: $1,172,945,590

Trading Volume: $377,105,229

Key Resistance Levels: $0.019, $0.020, $0.021

Key Support Levels: $0.015, $0.013, $0.011

Tron Price Forecast August 20, 2019

Following a decent rise over the past three days, Tron (TRX) now appears to be resuming bearish run. The next level of supports may surface at $0.015 and perhaps locate further key supports at $0.013 and $0.011 levels if the sell-off later becomes huge.

Due to the sharp downward movement, the TRX/USD pair is seriously struggling to break out of the dominant bearish trend, especially the channel’s boundary. In case of a break, the key resistance levels to watch out for are $0.019, $0.020, and $0.021.

Conclusively 

While Tron’s price erodes bearishly, there’s a need for an intense buying pressure to see a bullish run. If a price break fails for the TRX/USD market, the price will continue to correct less in the yellow channel.

Technical Indicator Reading

The RSI for Tron is currently meeting support at the oversold level; a bounce may occur if it can hold firmly.

The Stochastic RSI Oscillator has revealed a buy signal, but a look at it suggests resistance at the 65 level.

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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