Tron (TRX) Price Analysis – August 8
Since the first day of this month (August), Tron (TRX) is yet to display a significant bullish move as the market continues to move in sideways.
TRX/USD Market
Key Levels:
Resistance levels: $0.028, $0.030, 0.032
Support levels: $0.015, $0.013, $0.011
TRX/USD remained indifferent of the news. Last two days were extremely bearish, wherein the price fell from $0.024 to $0.020. This Wednesday, the price has gone up to $0.21. The daily price has been trending below 21-day moving average as the trading volume decreases. While TRX remains in an unstable market, a price surge is more likely to play out.
However, for an upsurge, the Tron price is likely to meet the nearest resistances at $0.028, $0.030, and $0.032 before we can see consider more levels for the trade. A down surge, however, could plummet the market to $0.018, $0.013 and $0.0.11 supports after a possible break at $0.017. The RSI has maintained trading in sideways and moving below the 40-level, showing an indecisive movement.
TRX/BTC Market
Comparing with BTC, the pair has eventually broken another important support at the 186 SAT. Tron price may likely see another sharp drop at 150 SAT support level as it moves below the 21-day moving average. Breaking this level could further push the market to the nearest support levels at 145 SAT, 140 SAT, and 135 SAT.
However, TRX is currently changing hands at 187 SAT and if the bulls can hold the price tight as it is, the next key targets price lies at 250 SAT and 255 SAT respectively. Reaching these levels may likely move the market to 260 SAT level. Meanwhile, RSI (14) is trying to recover from the oversold and may likely give a possible bullish signal today.
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.
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