Tron Price Analysis: The TRX Price Drop Is Still Ongoing; Indicates an Unstable Start

Tron (TRX) Price Analysis – July 30

After the last few days of price movement, the bulls suffered a serious downtrend, with a new downtrend playing on the hourly chart.

TRX/USD Market

Key Levels:
Resistance levels: $0.032, $0.034, 0.036
Support levels: $0.017, $0.015, $0.013

TRXUSD – Daily Chart

Tron (TRX) price is indicating downtrend in the market moving below 21-day MA. The coin is bitten by the bear and once again the expectations of upsurge are ruined. We were quite apprehensive about the progression of the coin, but it looks like the coin would take time to improve. The currency is slipping on the crypto chart in terms of rank.

However, as the Tron price remains jerky, we await the possible direction of TRX. For a positive peak, the $0.032, $0.034 and $0.036 are the main resistance levels for the token at the moment. Looking at the volume of the chart, we can see the TRX at its lowest. As a result, a negative spike would test significant support at $0.017 and $0.015 before a slippage of $0.013. More so, TRX/USD is bearish in the long run as RSI (14) is currently moving below 40 level.

TRX/BTC Market

Against BTC, the pair has eventually broken another solid support at the 230SAT. Tron price may likely see another sharp drop at 200SAT support level. Breaking this level could further drag the market to the nearest support levels at 190SAT, 180SAT, and 170SAT.

TRXBTC – Daily Chart

However, TRX is currently changing hands at 231SAT and if the bulls can hold the price tight as it is, the next key targets price lies at 300SAT and 3100SAT respectively. Reaching these levels might move it to 320SAT level. Meanwhile, RSI (14) is now lying at level 37, indicating an indecisive market for Tron.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.