Tron (TRX) has started to show some signs of recovery after the recent cryptocurrency price drops, making it one of the first to recover. Bitcoin recently witnessed a steep price fall beneath the $8,000 level, which caused Tron to slip by 20% to rebound at support around $0.032.
The cryptocurrency has since bounced at this support, and is now trading higher around $0.03480.
At the time of writing, the only other cryptocurrencies in the top 10 projects to see some positive price gains are Bitcoin SV and Bitcoin Cash.
Tron has now seen a 3% price increase over the past 7 days, in which period Bitcoin has fallen by -9%. Furthermore, Tron has now seen a 48% price surge over the past 30 days, after the cryptocurrency managed to surge toward $0.04 resistance level during the first few days of June 2019.
Tron is now ranked in 11th position amongst the top cryptocurrency projects by market cap value, as it presently holds a $2.33 billion market cap.
Tron Price Analysis
TRX/USD – MEDIUM TERM – DAILY CHART
What Has Been Going On?
Analyzing the daily TRX/USD chart above, we can see that Tron ran up into resistance at the long-term bearish .382 FIbonacci Retracement level (drawn in red), priced at $0.03930, at the start of the month. After reaching this resistance, the bullish run stalled and price action rolled over and fell slightly until a bounce was seen at $0.032.
What Is the Current Trend?
The current trend for Tron remains bullish, but for this bullish trend to continue, we will need to see Tron break above the $0.04 resistance level soon. For this bullish trend to be invalidated, we would need to see Tron fall and beak beneath the $0.03 support level.
Where Is the Resistance Above the Market?
If the bullish pressure resumes, pushing Tron higher, we can expect immediate resistance above to be located at $0.03636 and $0.038. Above this, we can then expect more resistance to be located between the $0.03930 and $0.0404 range.
If the buyers can continue further higher above $0.0404, more resistance above can then be located at $0.04154, $0.04363, $0.046, and then at the bearish .5 Fibonacci Retracement level (drawn in red), priced at $0.04798.
Where Is the Support Beneath?
Alternatively, if the market shifts toward the downside, we can expect strong support at $0.03390, $0.033, $0.032, $0.031, and $0.030.
Tron has been very resilient in light of the recent cryptocurrency price declines. The market has done very well to hold the support at the $0.032 level. If Tron can continue to rise higher, the market will need to contest serious resistance at $0.038 and $0.040.