The Tron (TRX) market has seen a sharp decline totalling 4.60% over the past 24 hours of trading, bringing the current trading price down to around $0.02474, at the time of writing. The cryptocurrency has now seen a further 9% decline over the past 7 trading days. However, the market is still up by a total close to 11% over the past 90 trading days.
Tron is now ranked in 8th position as it presently holds a $1.64 billion market cap valuation. The 17 month old project now trades at a value that is 90% lower than the all time high price.
TRX/USD – 1D CHART
Image Credit: Trading View
Analysing price action from the daily chart above, we can see that Tron (TRX) has had a good run over the course of 2019. The market had hit a spike high above $0.035 at the start of the year but had also managed to reach a closing high price that was around the $0.030 handle.
However, since reversing around $0.030 toward the end of January 2019, we can see that price action has started to decline. The decline has accelerated further today as we can see price action dropping below the $0.025 level. Price action for TRX/USD is now trading at support provided by the short term .618 Fibonacci Retracement level (drawn in blue) priced at $0.02470.
If the bearish pressure continues within the market and pushes TRX/USD below the support at $0.02470, we can expect immediate further support below to be located at the medium termed .5 Fibonacci Retracement level (drawn in green) priced at $0.024022.
This is followed by further support toward the downside at the short term .786 and .886 Fibonacci Retracement levels (drawn in blue) priced at $0.02317 and $0.02226, respectively. It is important to note that the support at $0.02317 is also further bolstered by the 100 day moving average level, also trading within this area.
Alternatively, if the bulls can regroup and start to push price action higher, we can expect immediate resistance above to be located at the February 2018 low priced at $0.02510. This is closely followed with higher resistance at the short term .5 and .382 Fibonacci Retracement levels (drawn in blue) priced at $0.02578 and $0.02685, respectively.
If the buyers can continue to cause TRX/USD to climb above the $0.030 handle, we can then expect higher resistance to be located at the long term 1.618 Fibonacci Extension level (drawn in purple) priced at $0.03140. This is followed up with higher resistance at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in red) priced at $0.03277 and $0.03406, respectively.
The RSI has recently slipped below the 50 handle which indicates that the bears are now in control of the momentum within the market. As the RSI looks to heading lower, we can assume that price action will continue to break below the current support at the $0.02470 level over the coming days and head lower also.
