Tron (TRX) Price Analysis – June 12

The past few days price drop has led the market to a strong bearish scenario, bringing the current price of Tron to $0.0342 level. Against the Dollar, TRX is lurking around for a price break as it trades in an ascending channel pattern. However, the token has continued to remain drastically low against the Bitcoin market. For these markets, we can expect a bullish reversal when selling pressure is exhausted.

TRX/USD Market

Key Levels:
Resistance levels: $0.036, $0.039, $0.042
Support levels: $0.0325, $0.031, $0.03

The TRX/USD pair has been following an ascending triangle pattern since the market fell to $0.03 in late June. Trading is now reaching a tight angle of the triangle which signals a potential surge in volatility. As it appeared, Tron is most likely to follow a bullish breakout which is common to this pattern. As we can see on the 4-hours MACD, the market has seen a positive break over the last weekend.

TRXUSD, 4H Chart – July 9

Now, Tron is on short-term consolidation. We can expect the price to rise to the $0.036, $0.039 and $0.042 resistance levels, retesting the June high. On the other hand, if the token falls, the market can locate supports at the $0.0325, $0.031 and $0.03 levels.

TRX/BTC Market

From 460SAT high in early June, Tron’s price has significantly remained low as the market make a current low around the 265SAT mark which weighs about 80% loss in the course of 40 days trading. The selling pressure is evidently huge as revealed on the 4-hours MACD.

TRXBTC, 4H Chart – July 9

The last few hours of trading has revealed a choppy price action as TRX faces close support at 260SAT. A break below this support could further bleed the market to 240SAT. meanwhile, if the buyers can show some positive signs, the price may rise to 270SAT, 310SAT and above, launching a bull-run in the market.

Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Azeez M. Mustapha

Azeez M. Mustapha

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.
e-mail: azeez@fxtimes.com

(Excerpt) Read more Here | 2019-07-09 23:03:45
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