2018-7-31 16:44 |
Tron is having its second consecutive large drop today which is in line with the overall cryptocurrency market experiencing large losses across the board. Many cryptos have been recording losses in the double digits over the past 24 hours.
Today’s drop in Tron has been on lower volume than yesterday’s showing that the drop might not have much momentum behind it and could just be moving in sync with the overall market.
Tron Daily ChartWe can see the drop in further detail on the 4hr chart with the $0.035 initially acting as support. Enough volume eventually came into the market to bring the price below this point. Volume has dropped off on the most recent candle and could be setting up for a rise back up the $0.035 level. Former support tends to turn into resistance, so a move back up to this level will most likely prove challenging for the price of Tron to move above.
Tron 4hr ChartThe 1hr chart provides an even more detailed look, and a range could be formed between the $0.033 and $0.035 levels in Tron. However, if the market as a whole keeps dropping it would provide a lot of downward pressure on Tron. If the market drop slows down and starts to trade sideways, the range forming between $0.033 and $0.035 is a likely scenario for Tron.
Tron 1hr Chart Key Takeaways: Second consecutive drop in the price of Tron as it breaks below $0.035 support level. $0.035 support likely to turn into resistance in the event of a price rise. If the market keeps dropping, there will be a lot of downward pressure on Tron, and it is likely to trade below $0.033 level. If the market drop slows down, a trading range between $0.033 and $0.035 is a likely scenario. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Second Consecutive Drop for Tron [TRX] As Its Price Breaks Below Support was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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