Key Highlights
- The market is still in bearish pressure as the sellers are confidently pushing the price downward. The bears are targeting a significant major demand zone at $0.012
- Price is expected to have a bounce up at the major demand zone mentioned above, and the buyers may come into the market
TRX’s Current Statistics
Current market price: $0.024
Market Capitalization: $1,592,447,770
Trading Volume: $991,486,136
Major supply zones: $0.05, $.062, $0.070
Major demand zones: $0.02, $0.01,$0.001
Latest News on Tron
Latest rumors revealed that Justin Sun got involved in some illegal practice, and this might have contributed to the heavy falling of Tron (TRX) yesterday. That’s all fake news. The truth, however, is, the illegal fundraising accusations were false since the Chinese government banned initial coin offerings in September 2017.
Tron (TRX) Price Analysis
The price of TRX/USD pair is in a downtrend and market is expected to be trading down until the significant major demand zone is bridged. Otherwise, we shall continue to see heavy pouring down of the market. There is a high probability for the buyers to likely take over the direction of the market at the major demand zone at$0.012
Chart Indicators Reading
The TRX/USD chart and present market condition present a bearish movement; however, in the long term view, the TRX/USD pair is bullish.
Technical indicators on daily timeframe are pointing for bullish momentum, and this may be seen in the upcoming trading days. That’s if the buyers could defend the heavy pouring down movement at the major demand zone mentioned above.
General Outlook for TRX
In the long term view, the Tron boasts a bullish market. However, the recent hefty fall of the market price has given the buyers some level of concern. A good plan has already been made to bridge this falling hopefully at the critical major demand zone at $0.012
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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