Tron Price Analysis

Tron has seen a small price decline totalling -1.04% over the past 24 hours of trading, bringing the current trading price down to $0.02560, at the time of writing. However, the cryptocurrency has seen a +4.75% price over the past 7 trading days and an even more impressive 54% price surge over the past 30 trading days.

Where is Tron ranked?

Tron is currently ranked in 9th position as it currently holds a $1.66 billion market cap valuation. The 16 month old project now trades at a value that is 90% lower than the all time high price.

  • Support moving forward – $0.024022, $0.02122, $0.020, $0.01725, $0.01488, $0.01123.
  • Resistance moving forward – $0.02681, $0.02904, $0.03140, $0.03930, $0.04053, $0.04300.

TRX/USD – MEDIUM TERM – DAILY CHART

Tron Analysis
https://www.tradingview.com/x/mSvPbx9y/

What’s been going on?

Analysing TRX/USD from the daily chart above we can see that Tron had rebounded at a long term downside 1.618 Fibonacci Extension level (drawn in purple) priced at $0.011230 toward the end of November 2018.

Fro, there the market has surged significantly. It has continued to increase during 2019, until reaching a resistance at the bearish .236 FIbonacci Retracement level (drawn in red) priced at $0.02855. This Fibonacci Retracement level is measured from the high of $0.0845 placed on May 21 2018 to the low seen in November 2018.

Where are we now?

After reaching this level of resistance, TRX/USD proceeded to roll over and retrace slightly. It continued to fall until reaching support at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.02122. This area of support is further bolstered by the 100 day moving average which hovers at the same price level.

TRX/USD then went on to increase from this level of support and is now trading at higher support provided by the short term .5 Fibonacci Retracement level (drawn in green) priced at $0.0240.

What is the current trend?

Tron is currently in a short term bullish trend. If the market can break above the $0.030 handle we can revise the trading condition into a long term bullish trend. For this market to be considered bearish, we would need to see price action break below the $0.020 handle.

Where can we go from here?

If the bulls continue to push price action higher, we can expect immediate resistance toward the upside to be located at the short term .382 Fibonacci Retracement level (drawn in green) priced at $0.02681.

Further resistance toward the upside can then be expected at the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.02855, closely followed by resistance at the short term 1.414 and 1.618 Fibonacci Extension levels (drawn in purple) priced at $0.02904 and $0.03140, respectively.

If the bulls continue even further higher, then more resistance can be expected at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.03930.

What if the bears regain control?

Alternatively, if the sellers regroup and begin to push price action below the current support at $0.02402 we can expect immediate support below to be located at the short term .618 FIbonacci Retracement level (drawn in green) priced at $0.02122.

If the bears then continue on to push price action below the $0.020 handle, we can expect further support toward the downside to then be located at the short term .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $0.01725 and $0.01488, respectively.

The final level of support to highlight is located at the downside 1.618 Fibonacci Extension level (drawn in purple) priced at $0.01123.

What are the technical indicators showing?

The RSI has recently broken above the 50 handle to indicate that the bulls are now in possession of the market momentum. If the RSI can rise higher we can expect price action to resume its bullish trend.

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