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TRON price analysis 23 May 2019; suffering from the bear

Opera TRON

Well, it happened. The bear that was predicted yesterday just happened and TRX is right in the middle of it all. For the past vide days TRX has been having a rough time trading under the $0.03 position, and yesterday was even a harder hit and is now sitting at the $0.0026 price point.

Overall, the general market outlook for TRX still remains in the bearish zone. It is quite likely that the bear will continue by the end of Friday, but bounce back up during the weekend. Similar to what it did last week.

But that doesn’t mean that new resistance and support levels have not been formed yet.

TRON price chart may 23

TRX chart by TradingView

The newest resistance level that has been formed is the $0.03 mark, as it is the most desirable price for the bulls as well as the bears. It is likely that a bull rush will begin as soon as the coin sheds a little more weight, somewhere around the $0.021 should trigger the bull sentiment.

However, as soon as it reaches the $0.03 mark, it’s guaranteed to spiral back into a bear, it’s all about the bulls maintaining momentum at this point.

The immediate support levels are currently at $0.025, $0.024 and $0.023. But it’s likely that TRX will break them over the course of the next two days.

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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