Key highlights
- TRX/USD bullish bias is very strong and valid for now because the buyers are currently dominating the market
- The price of TRXUSD is trading on a method called “High and Low ZigZag method” and
- The market is expected to continue the bullish swing towards the major supply zone at $0.040214 and $0.040862 respectively
Tron Current Statistics
Current market price: $0.025436
Market Capitalization: $1,696,143,049
Trading Volume $580,084,040
Major supply zone: $0.031980, $0.040784, $0.045000
Major demand zone: $0.020436, $0.012404, $0.010000
Latest News for TRX
The Tron CEO and founder Justin Sun announced his intention to complete the large scale buyback TRX token over the coming year 2020. In the official blog post of the Tron Foundation, a $20million TRX buy-back plan got announced which could be completed in the year 2020. As this will last for one year, it will surely have an effect on the secondary market.
Price analysis for Tron
TRX/USD is currently trading in an uptrend, due to the fact that the bears have lost the control of the market. The bullish bias is expected to continue in the coming trading days since the bulls are totally in full control of the market. The buyers may have some difficulties at a major supply zone around $0.031980, and if they are able to push the price above the supply zone mentioned then, they may drag the price down to a major supply zone at $0.0450.
Chart indicators reading
All the indicators of TRX/USD are currently supporting the bullish bias; the Moving Average is pointing for the price to go up. Structurally, the Tron market is unable to break down the trend line below a major demand zone at $0.020384 and since this is a critical barrier for the bears to overcome, the market may continue trending upside for the next coming trading days.
The general outlook for Tron (TRX)
It is advisable to follow the uptrend because the overall outlook of the TRX/USD is bullish. The bulls are totally in control of the market for Tron; it appears all the attempt made by the bears to sustain the downside movement failed due to a major demand zone located at $0.020384.
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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