Tron (TRX) Price Analysis – July 20

TRON (TRX) is currently standing on the 10th spot on CoinMarketCap (CMC) by enjoying the growth of 13.19% over the past 24 hours. At the moment, the token is trading at $0.029 against the US Dollar with a current market cap $2,016,393,364.

TRX/USD Market

Key Levels:
Resistance levels: $0.038, $0.040, 0.042
Support levels: $0.012, $0.010, $0.008

TRXUSD – Daily Chart

Tron (TRX) is hovering at $0.029. The currency was badly suffering in the previous trading days the coin even lost its 10th position to Stellar. Yesterday, TRX jumped from $0.0250 to $0.0281 marking an escalation of 12.33% where the coin closed the day at $0.0281. Today, TRX/USD opened with an upsurge when the coin jumped from $0.0281 to $0.0298 where it’s moving below the 50-day MA.

However, if the price fails to swing lower; the high move would visit the nearest resistance at $0.033 which may likely touch the potential resistance at $0.038, $0.000 and $0.042 levels. On the downside, any move below the support of $0.020 may like take the coin to a low of $0.012, $0.010 and $0.008 levels. Moreover, the bulls are in charge as both the RSI (14) and stochastic RSI signal lines are moving upward at the moment.

TRX/BTC Market

Against BTC, the TRX price has eventually broken out after finding solid support at the 219SAT. The pair has been signaling a positive move since July 17, the cryptocurrency might recover the past weeks’ massive loss if the buyers can continue to remain active in the market. However, we have seen a positive cross on the daily stochastic RSI, which validates an upward move.

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TRXBTC – Daily Chart

Moreover, the TRX price is now trading above the 270SAT level, the next key targets for the bulls lie at 350SAT and 360SAT respectively. But presently, the token’s price is stabilizing around 275SAT. Meanwhile, shorting TRX below the 219SAT can roll back the price to 150SAT and 140SAT supports.

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Azeez M. Mustapha

Azeez M. Mustapha

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