Tron price analysis: TRX is correcting loss to January low

• Tron’s price keeps following downward range as price corrects down by 4.95% over the past 24-hours.
• Tron (TRX) trend is likely to reverse if the $0.019 can provide support for the market
• The short-term channel formation suggests that the TRX market is still under a bearish control

The entire crypto market capitalization has dropped back below $300 billion – amounting to the recent selling pressure, which has turned the market to a bearish condition. This includes Tron (TRX) which has seen an equivalent of 5% price deduction at the moment.

From $0.0235 weekly high, Tron’s price has plunged to $0.019 on a retest, forming a short-term double-bottom pattern – a bullish signal. It may play out if the retest level can firmly hold as support.

But looking at the current market conditions, TRX/USD pair seems to be under the bears’ control as price action remains in a downward range. Following bear radar, the 12th most-traded cryptocurrency by market capitalization may suffer more loss if the $0.019 support breaks.

Tron’s Current Statistics

Trading Price: $0.0198

Market Capitalization: $1,325,180,636

Trading Volume: $517,139,432

Key Resistance Levels: $0.0205, $0.021, $0.0215

Key Support Levels: $0.019, $0.0185, $0.018

Tron Price Prediction for August 10, 2019

Tron (TRX) has continued to suffer under the bear radar as it carves a channel formation on a short-term outlook. Over the past few hours, the market has found support at the $0.019 where the price jumps back to a current trading price at around $0.01977. If we see a heavy bears strike once more, the token may retest the current support before a further rally to $0.0185 and $0.018, meeting January low.

At $0.019 support, however, a strong bullish defend could bounce the market to next resistance levels at $0.0205, $0.021 and $0.0215. As it appeared now, the TRX/USD pair is still looking bearish on the hourly chart. On a long-term perspective, the pair is still strongly bearish as technical indicators remain at their lowest conditions.

Conclusively:

As Tron (TRX) approaches long-term support at $0.018 level, the trend may reverse in a bullish range. At the same time, if the level breaks, the token may continue to fall at the pre-December low.

Technical Indicator Reading

As revealed on the RSI, TRX/USD pair has continued to bolster on the oversold level after yesterday’s bounce around the $0.0193. The token may break to oversold if the bears strike again.

The Stochastic RSI is currently falling towards the oversold territory due to the last few hours of a price drop. Tron’s price may turn oversold if the bears continue to mount pressure.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.