- Following the violent surge in volatility, the $0.02 could further suppress bearish pressure
- Technical indicators confirm a more bearish scenario for the TRX market
- TRX price is now trading below the $0.025 following a channel break–down
Following the latest price fall in the entire crypto space over the past few days, most of the top cryptocurrencies have now seen a significant amount of loss — which has caused some to be trading near their long-term supports as a result of the recent price drop of Bitcoin.
In fact, some of the best performing coins are now trading below their daily support after a violent break-down. And, Tron (TRX) is no exception.
TRX’s Current Statistics
Trading Price: $0.025
Market Capitalization: $1,659,203,879
Trading Volume: $634,963,249
Key Resistance Levels: $0.027, $0.03, $0.033, $0.035
Key Support Levels: $0.023, $0.02, $0.0175, $0.0157
Tron Price Prediction
Since the beginning of the year 2019, TRX trading has been following a slow bullish scenario as price action remains in a daily rising channel formation – acting as pennant support and resistance for the market during the course of the trading.
However, Tron is now trading below $0.025.5 support following yesterday’s heavy selling pressure in the market over the past 24-hours of trading. Up till now, the bearish scenario is still more dominant as the sellers continue to show firm commitments. As it appeared now, the bears are taking charge of the market as the price continues to fall.
Now that the TRX market has breached down the long-term channel support boundary, we may see a severe decline to the $0.023 and $0.02 supports. Breaking the pre-mentioned support could further flood the market to $0.0175 and $0.0157.
A possible swing high is likely to retest previous resistance levels of $0.027 and $0.03. If the bulls manage to power the market from the mentioned resistances, we can expect a further rise to $0.033 and $0.035.
Considering yesterday’s bearish surge which made the TRX price to drop below the channel formation, we can expect severe selling pressure to lower levels in the next few days of trading as the sellers continue to take charge of the market. For the bull sides, there’s a need for intense buying pressure to bring the buyers back in action. As of now, the bears are gaining control of the market.
Technical Indicator Reading
MACD is now reflected in the negative zone following the recent substantial drop in the market and leading to a price break on the daily chart.
RSI is now revealed in a downward movement, indicating the latest selling pressure in the market and at the same time meeting reliable support at the 30 level. A break low for Tron might be imminent.
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.