Value of Tron currency continues decreasing

Value of Tron currency continues decreasing
Jul 21, 2018 by Rico Wise

The second part of this business week was not very pleasant for the TRX price, which has significantly dropped over the course of the said period. Just yesterday, TRX price was at ~0.0350 USD, having lost nearly 8 percent in a day.

From the technical standpoint, Tron currency is being dealt within the bounds on D1, being heavily supported at the price of 0.023 USD, and levels of resistance at 0.1004 USD. While the mid-term aims of the TRX coin are to achieve major assistance in order to escape decline, analysts claim some optimistic signs ahead for the currency. If TRX pulls off to get out of its current resistance levels, such chances are prone to highly increase and result in a corrective rally with goals ranging from ~23% to 50% increase.

The short-term period indicates the pullback for the TRX price, subsequent to the examination of resistance levels in the midterm channel and occurring of a new rising channel. The most probable outcome here will be the price rally, increasing the value of TRX coin to 0.046 US dollars. This forecast has been validated by the Stochastic placed in the oversold area. Nevertheless, the forecast also shows the chance of the local ascending channel breaking out, which may lead to a price decline all the way down to 0.029 USD.

In general, TRX currency has been drawing lots of attention to itself recently, which is due to the recent migration of the currency to its own mainnet, enabling it to part ways with ERC-20 protocol with no harm done.