Tron has been reporting consecutive losses in 2019 and there has been no sign of recovery. With its recent fall of over 24%, the coin devalued from $0.0153 to $0.0115. Tron now stands at the 14th position on CMC, priced at $0.01295 (at press time).

Weekly- chart

Source: Trading view

Source: Trading view

The descending channel formed in the weekly chart of TRX is conceived as a bullish pattern. One of the trend lines marked the lower highs at $0.0409, $0.0302, and $0.0188, while the lower lows were connected by another trend line at $0.0291, $0.0203, and $0.0157. The falling price between the slope may note an upward spike as the coin breaches out of the pattern.

21 moving average of Tron was well above the candlestick, denoting a bearish market, which was also affirmed by MACD indicator. MACD line rested beneath the signal line suggesting bears’ hold over the market.

Conclusion: 

The toppling price of Tron may note a boost in its price as the coin breaches the bullish pattern. However, until then the coin’s value may be restricted at $0.0129 with a market cap of $874.40 million. The coin has reported 3.27% fall in the past day but had reported minimal growth of 0.09% within the past hour.



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