Key Highlights
- The coin is likely to continue its downward fall
- On the other hand, the TRX market may range for a few days following the presence of small body candlesticks
- The small body candlestick described the indecision between buyers and sellers at the current market price
TRON Current Statistics
The current price: $0.021
Market Capitalization: $1,466,564,670
Trading Volume: $476,773,338
Major supply zones: $0.026, $0.028, $0.030
Major demand zones: $0.02, $0.018, $0.016
Latest News around TRON
It was reported that the founder of TRON was going to launch the first version of the Tron scalability solution, which is called Sun network. The new scheme is likely to be out on August 10. Some of the features of the new scheme are to provide limitless capacity for TRON main network and to support the increasing number of contacts. It was stated that it would feature at no cost businesses, lower charges, and a decentralized application.
TRON Price Analysis August 8, 2019
In June, TRX/USD pair reached a high of $0.040 price level but was resisted. The market commenced a downward correction. The bears broke the supply zones of $0.030 and $0.035 price levels.
The downward trend was corrected at the $0.020 demand zone. However, at the $0.020 demand zone, the bulls made an upward move but were resisted at the $0.030 price level. The market is consolidating at the $0.022 price level. The upward movement may not get sustained.
Chart Indicators Reading
The upper trend line is a bearish trend line. If the bulls make an upward move and break the trend line — and another candlestick closes on the opposite of the trend line; then it is assumed the bearish trend is terminated. The coin is likely to resume its bullish trend. Both the 12-day and 26-day EMA are hinting southward pointing that TRX price is falling.
The price tested the lower trend line and commenced an upward movement. On the other hand, if the bears had broken the lower trend line, the market will further depreciate. In the meantime, the signal and MACD line both rest beneath the zero line indicating a sell signal.
General Outlook for TRX
The price of TRON is making an upward move towards the supply zone of $0.025 price level. On the positive side, if TRX bulls break above the 0.025 USD price level, Sun-led cryptocurrency’s price would rise and retest the 0.040 USD overhead resistance. On the other hand, if the bulls fail to break above the $0.025 price level, the market will fall.
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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