Key Highlights
- Tron (TRX) price breaks the $0.020 demand zone after testing it twice
- If the market continues its free fall, the cryptocurrency will revisit the $0.012 demand zone
- The market corrected itself as the bulls reached a high of $0.018 demand zone but it has resumed its downward move
TRON (TRX) Current Statistics
The current price: $0.016
Market Capitalization: $1,129,502,729
Trading Volume: $468,169,744
Major supply zones: $0.025, $0.030, $0.035
Major demand zones: $0.015, $0.010, $0.005
TRON Price Analysis August 21, 2019
The price of TRON was stable above the $0.02 demand zone before it got breached. The bulls held on to this zone for over a month before the bears broke it. On July 16, the bears made the first attempt to break the $0.02 demand zone but were resisted. The market went up again and reached a high of $0.03 supply zone.
However, the bulls could not sustain the upward move, and as a result, the bears took control of price and retested the $0.02 demand zone. On August 14, the bears finally broke the $0.02 demand zone, and the cryptocurrency continues its fall. As the $0.02 demand zone was broken, the market is prone to further depreciation. The coin is likely to reach a low of $0.015 demand zone.
Chart Indicators Reading
The daily Relative Strength Index period 14 is level 30, which signify that the price of TRON is approaching the oversold region of the indicator. The selling pressure of TRON is approaching exhaustion suggesting the bulls to take control of price.
The colored lines of the exponential moving averages are falling downward, indicating that the market is bearish. There is a likelihood of further depreciation the moment the lower trend line is broken. On the contrary, the market will go up if the price breaks the bearish trend line.
General Outlook for TRX
The chances of the price of TRON falling are higher than its upward movement. The downward movement of TRX may face little or no resistance as the coin continues its tumbling trades. The bears’ breaking of the $0.02 demand zone is responsible for the price fall of the cryptocurrency.
The coin may face resistance at the $0.015 demand zone. Nevertheless, if the bears break the $0.015 demand zone, the market of Tron (TRX) may revisit the previous low of $0.012 demand zone.
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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