TRON coin price analysis 5 August 2019; has TRON reached its limit?

TRON price analysis 27 May 2019

TRON coin price has been on a roll for the past 24 hours. Simply looking at the chart we can see that the price surge is yet to meet its correction zone, but the fact is that the correction zone is well on its way.

The coin started August 4th with a price point of $0.021 and managed to reach a peak of $0.022 at press time, but even if that seems like a terrible deal for TRX, it needs to be considered that this is in the wake of Justin Sun’s massive controversy with Buffet and the absence of his marketing skills.

Most traders are saying that the sudden surge is due to the nearing launch of the Sun Network, which could be true based on how well the TRON community reacts to these kinds of news, but charts don’t lie and indicators always don’t care about new projects.

TRON coin price

TRX chart by Trading View

At the moment of writing this article, the TRON coin price is definitely going to struggle at the $0.023 price point. Surpassing it could open up a breakthrough towards $0.025, but what we need to consider is that the Bitcoin market dominance could be starting as we speak.

BTC is nearing the $12,000 resistance which could propel it to new heights. All that TRX needs to do is surpass the $0.025 to somehow survive the BTC surge, other than that, it has the $0.021 support to rely on, but that could also fail once the Sun network hype dies down a bit.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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