Tron (TRX) Price Analysis – July 29
TRX/USD is retreating from the intraday high amid technical correction within the market.
Resistance levels: $0.0210, $0.0215, 0.0220
Support levels: $0.0180, $0.0170, $0.0160
TRX/USD is changing hands at $0.0195, off the intraday high of $0.0207. The coin has gained nearly 2% on a day-to-day basis moving in sync with the market. Notably, TRX/USD is the 16th largest digital asset with the current market value of $1.39 billion and an average daily trading volume of $563 million.
On the daily chart, TRX/USD is seen moving towards the upper boundary of the channel at $0.0197. If it is broken, the price may continue moving above the channel and towards its upward-looking at $0.0200. More so, this barrier may likely stop the correction and attract new buyers to the market.
Meanwhile, if the barrier is cleared; $0.0180 and below may come into focus. This support is reinforced by the 9-day and 21-day moving averages that have been limiting TRX decline since last month. On the upside, the critical resistance comes at $0.0205. A sustainable move above this area is needed for the upside to gain traction with the next focus on $0.210, $0.220, and $0.230 resistance levels.
Comparing with Bitcoin, TRX is currently trading below the 9-day and 21-day moving averages within the channel. If the selling pressure continues, the TRX price variation may likely continue the downtrend. For now, the RSI (14) is moving around 40-level as the coin begins a new trend.
However, TRX/BTC is currently hovering at the 173 SAT. We can expect close support at the 165 SAT before breaking to 160 SAT and below. More so, if the coin continues to move and validates a break above the moving averages; traders can then confirm a bull-run for the market and the closest resistance levels lie at 185 SAT, 190 SAT, and 195 SAT.