After weeks of controversy stemming from the founder of TRON Justin Sun, it seemed that the coin was finally able to find a growth curve only to be cut down by the recent Bitcoin drop and bearish market.
Our today’s TRON price analysis will be focusing on determining the key resistance levels, support levels, prices which TRX can retest and of course, the psychological $0.02 which everybody is anticipating.
TRON price analysis: Resistance and Support
At the moment of writing this article, TRX has managed to dip below the $0.02 psychological levels and has a route even further down. As you can see from the chart, the coin is just slightly away from retesting the $0.02 but it’s unlikely to happen today.
The coin took a major hit when Bitcoin dipped below $11,000 although it’s important to note that not as much of a hit as BTC itself.
Currently, we’re already hovering on the $0.0190 support levels with $0.0185 further below. If we assess the general condition with the MACD, it’s likely that TRX will not hold the $0.019 support.
However, should it manage to resist BTC pressure it’s posed to retest $0.02 and yet attain the $0.021 potentially thrusting it in a bullish market.
The general silence from Justin Sun is also contributing to the coin’s downfall as much of the bullish sentiment depends on the CEO’s tweets.