Tron (TRX) Price Analysis – August 20
In as much as we continue to see a low amount of trading volume in the market, the price of Tron (TRX) will continue to drop.
Resistance levels: $0.020, $0.022, 0.024
Support levels: $0.014, $0.012, $0.010
As it appears on the daily chart, Tron (TRX) remains in a downward movement despite recording a 2.39% positive change 2days ago. Similarly, as the bearish sentiment continues, the next level of support lies at the $0.014 and $0.012. A further drop beneath this price levels may push the price to $0.010 support.
Considering an uptrend for the TRX/USD pair, we need to see a nice build-up above the falling channel to bring us to $0.020, $0.022, and $0.024 resistance levels. As we can see on the chart, the trading volume appeared to below for the past two weeks while the RSI (14) has been lying at the oversold territory.
Comparing with BTC, Tron (TRX) is still trading on the downside, although the price action has remained intact within the descending channel. If selling pressure persists, the Tron’s price variation is likely to create a new low in the coming days. As of now, the technical indicators have turned down; we may see a positive move in the market if they turn upward.
However, the coin is currently trading below the 21-day moving average at 170SAT. We can expect close demand at the 114SAT before breaking to 112SAT and potentially 110SAT demand. If a bullish move occurs and validates a break significantly above the mid-term supply at 210SAT; we can then confirm a bull-run for the market. But for now, the closest supply lies at 220SAT and 230SAT. The RSI (14) has remained below level 40, indicating a bearish trend.
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