$ 1,197.93 1.54%
$ 40.77 0.62%
$ 0.066589 1.94%
$ 4.40 2.90%
$ 21,214.00 0.36%
$ 235.10 2.22%

TRON price analysis 24 May 2019; bullish climb is slowing down

TRON trx price analysis 8 may

TRON, much like any other cryptocurrency in the market right now, has been having a tough time for the last 48 hours. But the other half of those 48 hours, mainly the last 24 part, has been relatively less bad than the first part.

Over the course of those “good” 24 hours, TRX has managed to climb back up by nearly 7%. But the reaction to Bitcoin’s bull rush was quite slow when compared to other coins.

However, a slow reaction is always a benefit for TRX investors as it gives them much more time to react to the market. And they indeed did.

Nearly everybody is longing TRX at this point, which keeps the bull afloat, but several frozen instances can be seen on the chart.

New resistance and support levels have already been formed, and are being tested as I write this. Let’s take a look.

TRX chart 24 may

TRX chart by TradingView

The new resistance levels have been formed on the price that TRX fell from right before the new bear market hit it a couple of days ago. Therefore $0.030 mark is expected to have the largest struggle in the coming days.

However, if TRX is able to pass that within the next week, then the road to the next resistance level, the $0.032 will be wide open.

When it comes to supporting levels, bulls need to look out for the $0.0275 and $0.0270 marks. Should the coin reach or come close to reaching these prices, a new bull rush should be initiated.

When it comes to next week predictions, TRX is going to follow the same pattern it did this week and the week before.

Monday and Tuesday are expected to be frozen, while Wednesday will be the first sight of another bear, and Friday for correction. If TRX remains frozen until before next Friday, then it’s guaranteed to pass the $0.030 level during its correction.

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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