Tron Price Analysis: Market Upside Limited Until Bulls Break and Close Above $0.027


Tron Price Analysis

Tron Price Analysis: Market Upside Limited Until Bulls Break and Close Above $0.027

The Tron market has seen a small price decline totaling -1% over the past 24 hours of trading. The cryptocurrency is presently trading hands at a price of $0.0233, at the time of writing, after suffering a further -4% price decline over the past rolling 7 trading days.

Key Highlights:

  • The Tron market has been trading sideways since reversing in August.
  • The market needs to break and close above $0.02787 before being able to move on up further higher.
  • Support moving forward; $0.02333, $0.02192, $0.02052, $0.01851, $0.01732, $0.016.

The Tron cryptocurrency is currently ranked in 11th position in terms of overall market cap across the entire industry. It has a total market cap value of $1.53 billion after experiencing a +13.70% price increase over the previous 30 trading days.

The 13-month-old cryptocurrency is currently trading at a value that is 90% lower than its all-time high value.

Let us continue to analyze price action for Tron over the short term and highlight any potential support and resistance areas.

Tron Price Analysis

TRX/USD – SHORT TERM – DAILY CHART

Tron Price Analysis
Tron Price Analysis Chart Source by TradingView

Analyzing the market from the short term perspective above, we can see that Tron had experienced a bullish price run when the market started at a low of $0.016 on the 14th of August 2018 and extended to a high of $0.02787 on the 28th of August 2018. This was a price increase totaling 73% from low to high.

After placing the high we can see that price action rolled over and started to decline. It continued to fall until reaching some strong support at the .886 Fibonacci Retracement level priced at $0.017325. This area of support was further reinforced by a short-term downside 1.414 Fibonacci Extension level priced in the same location.

After reaching the support at $0.017 the market reversed and rebounded. The bullish rally seemed promising through September 2018. As October 2018 began to trade the market made an attempt to break above the previous high at $0.02787. Although the market was able to penetrate above, it was not able to close above the resistance and therefore we cannot consider the resistance broken.

Price action has since rolled over after making an attempt at the high and is now trading at the support provided by the .382 Fibonacci Retracement level priced at $0.02334.

Moving forward, if the bulls regroup and gather momentum to push price action higher, they will immediately meet resistance at the high placed at $0.02787. If the bull can push higher to break AND close above this resistance level then further resistance above can be located at the 1.272 Fibonacci Extension level (drawn in green) priced at $0.030311.

If the bullish momentum persists higher then more resistance above can be located at the 1.414 and 1.618 Fibonacci Extension levels priced at $0.031577 and $0.033396, respectively.

On the other hand, if the bears manage to push price action below the support at $0.02333 we can expect immediate support below to be expected at the .5 and .618 Fibonacci Retracement levels priced at $0.02192 and $0.0205, respectively.

If the bearish momentum persists to push price action even further lower then we can expect more support beneath to be located at the .786 and .886 Fibonacci Retracement levels priced at $0.018517 and $0.017325 respectively. Even more, support located below this level can then be expected at the August 2018 low at $0.016.

Author: Yaz Sheikh
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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Yaz Sheikh 182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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