Tron Price Forecast: TRX/USD on a spiral to $0.01750
|- Tron dives from $0.01919 (July high) highlighting increasing selling pressure among the altcoins.
- TRX/USD is likely to bounce off support at the trendline aided by the confluence at 0.01712.
Tron price has been consistently trimming gains on Friday. The breakdown comes after the crypto snapped its July winning streak on hitting a wall at the 61.8% Fibonacci retracement level taken between the last swing high of $0.02686 to a swing low of $0.0073.
In the meantime, TRX/USD is exchanging hands at $0.1755. A bearish candlestick started during the Asian session is yet to find relief. Besides, technical levels hint that losses are likely to continue in the coming sessions. For instance, the RSI is pointing downwards after failing to sustain an uptrend above 60.
From another perspective, consolidation is an option for Tron as per the sidelong movement of the MACD. As long as the MACD holds at the midline, sideways action is likely to take place ahead of the weekend session.
Support is expected at $0.1750 in case losses continue to dominate the market. An ascending trendline is also in a position to hold as a key support area in addition to the confluence formed by both the 50 SMA and the 50% Fibonacci level.
TRX/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.