- Support for TRX moving forward: $0.02681, $0.02510, $0.02402, $0.02122, $0.020, $0.01725.
- Resistance for TRX moving forward: $0.02739, $0.02855, $0.03027, $0.03140, $0.03503, $0.03689.
TRON Price Analysis
TRON has seen a price decline totaling 1.30% over the past 24 hours of trading, bringing the current trading price down to around $0.2732, at the time of writing. However, the cryptocurrency is still up by an impressive 33% over the past month of trading, making it the strongest performer in the top 20 cryptocurrencies.
TRON is ranked in 8th position as it holds a $1.79 billion market cap value. The 17-month old project now trades at a value that is 89% lower than the all-time high price.
TRX/USD Price
Price action has traded sideways since our last TRON analysis. The market fell slightly during the previous week but rebounded at support provided by the February 2018 low priced at $0.02510.
Since rebounding, the market is now trading at resistance provided by the medium-term 1.272 Fibonacci Extension level (drawn in purple) priced at $0.02739.
Trend: Bullish
Although the market has been trading sideways, the overall trend is still bullish for TRX. Price action must climb back above $0.030 for this bullish trend to continue.
If the market falls below $0.025, we can then consider this market to be bearish in the short term.
Where is TRX Price Action Likely To Head Towards Next?
If the bulls can continue with their momentum and cause TRX/USD to climb above the resistance at the medium-term 1.272 Fibonacci Extension level (drawn in purple) priced at $0.02739, we can then expect further higher resistance to initially be located at the short-term .236 Fibonacci Retracement level (drawn in green) priced at $0.03027.
If the buyers can continue to drive above $0.03027, then further higher resistance can be located at the medium-term 1.618 Fibonacci Extension level (drawn in purple) priced at $0.03140.
Further higher resistance above the $0.034 handle can be expected at the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $0.03503 and $0.03689, respectively.
What if the Bears Resume Control Of The Market Momentum?
Alternatively, if the sellers step back in and begin to push price action lower once again, we can expect immediate support beneath at the short-term .382 Fibonacci Retracement level (drawn in green) priced at $0.02681. This is closely followed by more support at the February 2018 low priced at $0.02510.
If the sellers continue to cause price action to drop below the $0.025 handle, there is more support below at the short-term .5 Fibonacci Retracement level (drawn in green) priced at $0.02402.
In the case that the bearish momentum continues to increase and price action heads even lower, we can then expect more support towards the downside at the short-term .618 and .786 Fibonacci Retracement levels (drawn in green) priced at $0.02122 and $0.01725, respectively.
Conclusion
TRON has been on a great bullish run recently while the rest of the cryptocurrency industry struggles.
If the market can penetrate above the $0.02739 handle, we can expect the bullish momentum to drive TRX much further higher into the $0.035 handle.
