Tron (TRX) has started to show some signs of recovery after the recent cryptocurrency price drops, making it one of the first to recover. Bitcoin recently witnessed a steep price fall beneath the $8,000 level, which caused Tron to slip by 20% to rebound at support around $0.032.
The cryptocurrency has since bounced at this support, and is now trading higher around $0.03480.
Source: CoinMarketCap
At the time of writing, the only other cryptocurrencies in the top 10 projects to see some positive price gains are Bitcoin SV and Bitcoin Cash.
Tron has now seen a 3% price increase over the past 7 days, in which period Bitcoin has fallen by -9%. Furthermore, Tron has now seen a 48% price surge over the past 30 days, after the cryptocurrency managed to surge toward $0.04 resistance level during the first few days of June 2019.
Tron is now ranked in 11th position amongst the top cryptocurrency projects by market cap value, as it presently holds a $2.33 billion market cap.
Tron Price Analysis
TRX/USD – MEDIUM TERM – DAILY CHART
What Has Been Going On?
Analyzing the daily TRX/USD chart above, we can see that Tron ran up into resistance at the long-term bearish .382 FIbonacci Retracement level (drawn in red), priced at $0.03930, at the start of the month. After reaching this resistance, the bullish run stalled and price action rolled over and fell slightly until a bounce was seen at $0.032.
What Is the Current Trend?
The current trend for Tron remains bullish, but for this bullish trend to continue, we will need to see Tron break above the $0.04 resistance level soon. For this bullish trend to be invalidated, we would need to see Tron fall and beak beneath the $0.03 support level.
Where Is the Resistance Above the Market?
If the bullish pressure resumes, pushing Tron higher, we can expect immediate resistance above to be located at $0.03636 and $0.038. Above this, we can then expect more resistance to be located between the $0.03930 and $0.0404 range.
If the buyers can continue further higher above $0.0404, more resistance above can then be located at $0.04154, $0.04363, $0.046, and then at the bearish .5 Fibonacci Retracement level (drawn in red), priced at $0.04798.
Where Is the Support Beneath?
Alternatively, if the market shifts toward the downside, we can expect strong support at $0.03390, $0.033, $0.032, $0.031, and $0.030.
Conclusion
Tron has been very resilient in light of the recent cryptocurrency price declines. The market has done very well to hold the support at the $0.032 level. If Tron can continue to rise higher, the market will need to contest serious resistance at $0.038 and $0.040.
