|Key TRX resistance levels:||$0.025, $0.027, $0.03, $0.033, $0.035|
|Key TRX support levels:||$0.02, $0.0018, $0.017, $0.015, $0.0127|
*Price at the time of writing
Tron Long Term Price Prediction: Bearish
As highlighted in our weekly coins to watch article, the TRON-based Tether USDT, -0.02% giveaway is still rolling out to holders as per the incentive plan launched together with Raybo Technology, a China-based technology company. Daily airdrops are distributed on supported exchanges. Meanwhile, terms and conditions are apply for eligibility in the $30 million reward payout.
Now, let’s see how the TRX/USD market has been performing in the short, mid and long-term time frames.
TRON TRX, 13.46%, however, has seen a little recovery over the past few hours after meeting important support at the $0.02 price level. Today, the market is climbing back with price growth of 9.50%. The bulls are stepping back into the market on a short-term basis.
With this action, TRX may continue to rise to immediate resistance at $0.025 and $0.027. A further drive could bring us back to the $0.03, $0.033 and $0.035 levels. However, the market appears bearish from a long-term perspective.
At $0.027, a possible price rejection can fall the market back to $0.02, $0.018 and $0.017, as illustrated on the daily chart. A significant break could drive the price to $0.015 and $0.0127, near the 2018 low. Then, the RSI might dip to the oversold area but it is now supported on the 30 level.
The MACD is currently negative after oscillating at the positive zone since pre-December, indicating a bear market.
Tron Medium Term Price Prediction: Bearish
Significantly, the TRX/USD pair has made a medium-term bearish reversal after hitting $0.04 in late June. Now, the price action is forming a falling wedge pattern, which confirms a downtrend for the Tron market.
During this session, we can see how TRX slightly bounced after falling to $0.02 at the lower wedge boundary. The buyers have shown a reaction, and if they can continue to gain momentum for the rest of this session, the price may close at $0.029 after surpassing the $0.0255 and $0.027 resistances.
However, the market may still fall back to key support at $0.02. Breaching this support could drop the price to the $0.017 and $0.015 support levels. The RSI is now rising after a positive cross. We may see a short-term bullish move if it climbs further. On the MACD, Tron is at the extremely negative zone, reflecting a dominant bear bias in the market.
Tron Short Term Price Prediction: Bearish
On the short-term, Tron is on the downside and has been constructing a falling channel pattern over the past 11 days of trading. The TRX/USD pair has reached the $0.024 level at the top of the channel boundary, where trading is likely to bounce back to $0.022 and $0.02 before we see a possible break down.
If the bulls can manage to sustain the price above the channel, the $0.027 and $0.0295 resistances will play out after breaching a minor resistance at $0.025, as labeled on the chart. Meanwhile, the hourly RSI is rising and it’s likely to meet a short-term resistance at the 70 level. A break upwards could launch a bull-run in the market.
Following the long bearish scenario, the hourly MACD has just seen a positive crossover.