Tron Price Analysis
Tron has seen a small price increase totalling 1.12% over the past 24 hours of trading, bringing the current trading price up to $0.2719, at the time of writing. The cryptocurrency has seen a 7 day price rise totalling 9.48% with a further 37% price surge over the past 30 trading days.
Where is Tron currently ranked?
Tron is ranked in 9th position as it currently holds a $1.79 billion market cap valuation. The 16 month old project is now trading at a value that is 89% lower than the all time high price.
TRX/USD – SHORT TERM – DAILY CHART
A brief catch up
Since our last Tron analysis, we can see that price action has risen from the support at the short term .5 Fibonacci Retracement level (drawn in green) priced at $0.024 and has risen above the .382 Fibonacci Retracement level (drawn in green) priced at $0.02681 to where it is currently trading around the $0.02719 handle.
What is the current Tron trend?
Tron is now trading in a bullish trend as the market looks to head higher and challenge the $0.030 handle. For this market to be considered bearish, we would need to see price action fall below the $0.021 handle.
Where can we go from here?
If the bulls keep pushing price action higher for TRX/USD, we can expect immediate resistance higher to be located at the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.02855.
If the buyers can push price action above the $0.030 handle, we can then expect more resistance toward the upside to then be located at the short term 1.618 Fibonacci Extension level (drawn in purple) priced at $0.03140.
If the bullish momentum can cause TRX/USD to travel even further higher then more resistance above can be expected at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.03930.
Higher resistance above this will then be expected at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $0.04053 and $0.04300, respectively.
Where is the support below the market?
Alternatively, if the bears begin to drive price action lower for TRX/USD, we can expect immediate support below to be located at the short term .382 and .5 Fibonacci Retracement levels (drawn in green) priced at $0.02681 and $0.02400, respectively.
If the selling pressure continues to cause TRX/USD to head further lower, we can then expect more support beneath to be located at the short term .618 and .786 Fibonacci Retracement levels (drawn in green) priced at $0.02122 and $0.01725, respectively.
What are the technical indicators showing?
The RSI remains above the 50 handle indicating that the bulls are in control of the market momentum. If the RSI can continue to rise from this level then we can expect price action to continue to rise.