TRX breaks below $ 0.020 when Crypto Industry collapses; Strong upfront support for $ 0.018

  • TRON has recently discontinued a 3 month symmetrical trading model.
  • The market fell below support at $ 0.020 and is now trading around $ 0.018.
  • Support in progress: $ 0.01852, $ 0.018, $ 0.01733, $ 0.01629, $ 0.01497, $ 0.01307.
  • Resistance going forward: $ 0.02051, $ 0.02192, $ 0.02332, $ 0.02510, $ 0.02695, $ 0.02806, $ 0.030, $ 0.03111, $ 0.03278.

TRON saw a small price drop of 2.76% in the last 24 hours of trading. At the time of writing this article, cryptocurrency is currently swapping hands at around $ 0.18, after suffering a sharp decline in the price of 20.46% during the previous 7 trading days, amid the market turmoil in mid-November.

The TRON project is currently ranked 11th in the market, with a total market capitalization of $ 1.23 billion. The 14-month-old project is now trading at a value 92% lower than its high historical price.

We continue to analyze long-term TRX / USD and gather an overview of market behavior.

Price analysis TRON


From the long-term outlook above, we can see that TRX / USD was in a sharply declining market before finding support in the downside 1.272 Fibonacci Extension level for $ 0.01626 in August 2018.

While TRX / USD approached this area, the downward trend stopped; the market changed direction and began to trade sideways. We can see that in the last 4 months the market has been exchanged with a consolidation model known as a symmetrical triangle, characterized by the upper falling limit and the lower rising edge.

The recent Fall of the Bitcoin price has caused TRX / USD to break below the lower limit of the symmetrical triangle while the market breaks under the $ 0.020 handle.

We continue to analyze the price action a little more closely and highlight any areas of potential support and resistance that go on.


Analyzing the price action from the short-term perspective above, we can see that the market has fallen below the boundaries of the symmetrical triangle and has continued to decline until it has recently found support around the Fibonacci retracement level .786 ( drawn in black), priced at $ 0.01852. We can see that the market managed to create a minimum of $ 0.01765, but buyers took a step back to attempt a recovery.

If the looming downtrend continues to drive the TRX / USD below the $ 0.01852 support, we can expect the underlying immediate support to be at the Fibonacci .886 retracement level (drawn in black) at the price of $ 0.01733.

Further significant combined support below this can be located at the previous 1.272 Fibonacci Extension level downside at the price of $ 0.01629. As TRX / USD approaches this area, buyers should defend their position aggressively.

If sellers manage to drive prices further below $ 0.01629, we can expect the underlying support to fall to the negative levels of 1.1414 and 1.62 Fibonacci Extension (plotted in red), respectively to $ 0.01497 and $ 0.01307.

On the other hand, in our bullish scenario, if buyers can hold support at $ 0.01852 and increase price action, they will immediately meet resistance to the Fibonacci retracement level of 0.618 at the price of $ 0 , 01051. Further support above this can then be located at the Fibonacci retracement levels of 0.5 and .382, with a price of $ 0.02192 and $ 0.02332, respectively.

If the bullish momentum can continue to push prices above the significant resistance at $ 0.02696 and above the April 2018 lows to $ 0.02806, we can expect a & # 39; further higher resistance at the Fibonacci extension level of 1,272 priced at $ 0.3111.

The RSI is traded within the extreme oversold territory. This indicates that sellers have complete control of the moment within the market. For a signal that the bearish moment is fading, we will look for the RSI to go back towards the 50 handle.

We continue to analyze the price action for TRON for long-term Bitcoin.


By looking at long-term TRX / BTC, we can see that Tron was in sharp decline compared to Bitcoin for most of the year. The downward trend had met support in August when it reached a combination of two levels of downward Fibonacci 1.414, with a price of 229 SATS (drawn in red) and 272 SATS (drawn in green).

After reaching this support area, price action reversed the downward trend and proceeded to trade sideways. He made an attempt to overcome the 100-day moving average in October 2018, but was unsuccessful.

We try to continue to analyze price action a little more closely in the short run and to examine any areas of potential support and resistance that go on.


Taking a look at TRX / BTC from the advantage of a closer perspective, we can see that the recent fall in prices had found support for the downside of 1,272 Fibonacci Extension (drawn in green) at the price of 321 SATS.

The bulls have since resumed and have risen above the support provided by the short-term level .618 Fibonacci Retracement (drawn in blue) for 333 SATS.

Going forward, if the bulls can continue holding the support to 333 SATS and push higher TRX / BTC, we can expect that the immediate resistance above is located at the Fibonacci retracement levels of 0.5 and .382 (drawn in blue) , priced at 351 SATS and 370 SATS. The resistance to 370 SATS is further strengthened by a long-term downside of 1,227 Fibonacci Extension levels in the same area.

If buyers can continue to ensure that the price of TRX / USD exceeds Fibonacci 0.233 resistance at the price of 393 SATS and higher than October 2018 at 429 SATS, we can expect a higher resistance to be found at 1.272 and 1,414 Fibonacci extension levels (drawn in purple), priced at 471 SATS and 493 SATS, respectively.

The final level of resistance to highlight is at the Fibonacci 1.618 extension level (drawn in purple), priced at 525 SATS.

Alternatively, in our bearish scenario, if sellers continue to push prices under the SATS 333 and 321 SATS handles, we can expect immediate support below the .786 Fibonacci REtracement level (drawn in blue) at the price of 307 SATS.

The following support is provided on the downside 1.414 Fibonacci Extension level (drawn in red) at the price of 299 SATS, as well as the support to the other 1.414 Fibonacci Extension level (drawn in green) at the price of 272 SATS.

The RSI is trading in oversold conditions in this market, indicating that sellers would need to take a break before being able to push the market down. So, a short-term recovery could be at the horizon. If the RSI can continue to climb towards the handle 50 and break it over, we might see TRX / BTC climbing higher.

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