- The medium-term bear break has positioned trading in a technical channel formation, posting a four weeks bearish outlook
- TRX has been subdued for the past three days now as price action enters accumulation mode on the hourly time frame
- Price is testing lower levels as bears continue to show commitment to trade
The aftermath of the long-term channel break-down has made the price actions to build support at the $0.020, which is currently acting as a defense line for the bulls. The token is now carving a new falling channel pattern on the 4-hour chart as TRX bears continue to release pressure near the bulls’ defense line.
Consequentially, the Tuesday’s postponement of the lunch meeting by Justin Sun, the Tron founder, has actually contributed to the current decline in the market.
Tron’s Current Statistics
Trading Price: $0.023
Market Capitalization: $1,534,594,224
Trading Volume: $483, 487,448
Key Resistance Levels: $0.0257, $0.030, $0.033
Key Support Levels: $0.020, $0.018, $0.016
Tron Price Prediction for July 26, 2019
Taking a look at the 4-hour chart, we can see the Tron’s price is now following a four weeks channel formation after a bearish turnaround at $0.04277 on June 26, causing the market to sell to the bottom of $0.020 before the July 17 rebound took the market to a weekly high of $0.030, where the price plunged. At the same time, the TRX/USD pair is creating lower lows and lower highs pattern.
Recently, the market is appearing choppy. Therefore, we can expect a price surge to play out. A bearish drop may continue to roll the market down to $0.20 before establishing a new low at $0.018 and $0.016 supports. On a short-term trend, Tron is still looking bearish along with the technical indicators.
A possible bullish surge may drive the market to $0.0257, testing the upper channel boundary. Above the channel, the$0.030 and $0.033 may further provide resistance levels for the market. From a long-term perspective, Tron is on the downside with active correction mode.
With the current dominant bearish bias outlook on the 4-hour chart, Tron is expected to continue respecting the channel pattern until we see a bullish reversal which is most likely to set the market on a channel break-up. Whichever way, the TRX/USD pair continues to follow a bearish scenario.
Technical Indicator Reading
Tron is currently bearish on the MACD. Meanwhile, it appeared the bulls are trying to come back into the market. There’s a need for a bullish cross to confirm a buy.
RSI has continued to stay above the 30 level for the past three days. We may see a positive move if it can remain above the mentioned 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.