Tron (TRX) Price Analysis – July 26
Following the last price drop across the crypto space in recent days, most of the major cryptocurrencies have suffered a significant loss, which has led some of them to trade near their long-term supports due to the recent drop in Bitcoin price.
Resistance levels: $0.035, $0.040, 0.045
Support levels: $0.015, $0.010, $0.005
Since the beginning of the month July 2019 (red arrow), TRX trading has been following a bearish scenario as price action drops on a daily basis except for few days (July 17 – 21) that the price experienced some upward trends. Moving in the descending channel, Tron is currently trading below $0.023 support following this week’s heavy selling pressure in the market over the past 4-days of trading.
At the time of writing, the bearish scenario is even more dominant as sellers continue to post firm commitments. We could see a sharp drop in support of $0.021 and $0.020. Breaking the aforementioned support could further weaken the market to $0.015, $0.010 and $0.005. A higher possible swing is likely to retest the previous resistance levels of $0.025 and $0.030. If the bulls manage to fuel the market with the mentioned resistance levels, we can expect a further increase to $0.035, $0.040 and $0.055.
RSI is now showing a downward trend, indicating the latest selling pressure on the market and at the same time meeting reliable support at level 35. A low break for Tron could be imminent.
Looking at the daily chart, comparing TRX with BTC, the pair has eventually broken another solid demand at the 240SAT. Tron price could see another sharp drop at 220SAT demand level. Breaking this could further take the market to the nearest demand levels at 180SAT, 175SAT, and 170SAT.
However, the TRX price is now trading at the 233SAT level, if the bulls can hold the price as it is and move the market to the next level, the next key targets for the bulls lie at 260SAT and 270SAT respectively. Reaching these levels might move it to 280SAT, 300SAT, and 320SAT supply levels. Meanwhile, RSI (14) is now lying at level 40, indicating an indecisive market for TRX/BTC.
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