Key Highlights
- Tron (TRX) price has continued to fall after breaking out of its range-bound movement
- The market is set to revisit the previous low at $0.020
- The crypto’s price has reached the oversold region of the market and buyers are likely to emerge
TRON Current Statistics
The current price: $0.020
Market Capitalization: $1,394,642,814
Trading Volume: $428,997,788
Major supply zones: $0.025, $0.030, $0.035
Major demand zones: $0.015, $0.010, $0.005
TRON Price Analysis August 9, 2019
Today, the price of TRON has broken out of its range-bound movement, and it is falling. The price paused after a downward correction since June 26. The range-bound movement was characterized by small body candlesticks like the Doji and Spinning tops. These candlesticks were describing the indecision between buyers and sellers at the current market price.
On the downside, if the price breaks out of $0.022 price level and closes, the crypto’s price is likely to find support at the demand zone at $0.020. Nevertheless, if the bears equally break the $0.0.020 price level, the market will nosedive to a low of $0.0.15. On the upside, if the $0.020 price level holds, buyers will emerge, and the crypto’s price will rise to retest the previous highs.
Chart Indicators Reading
The current Tron price has broken the lower trend line. The bearish trend is likely to continue if another candlestick opens and closes to confirm the previous bearish candlestick.
The 12-day, as well as 26-day EMA, are pointing southward indicating that TRX price is falling. The RSI (relative strength index) period 14 is level 36, which indicates that the market is approaching the oversold region suggesting bulls to take control of the market soon.
General Outlook for TRXUSD
The price of TRON is making a down move towards the demand zone of $0.020 price level. The relative strength index and the exponential moving averages are pointing southward indicating that price is falling. However, if the market holds at the $0.020 price level, buyers will emerge and take control of it.
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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