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Market Analysis

TRX Technical Analysis – Major Support Must Hold

25 Sep 2019 : 18:50
2 min read

TRX has been one of the biggest losers in Q3, with its value down over 60% since the end of June. At the time of writing TRX is trading at $0.013 USD The 14th coin by market cap has not only been losing market cap but volume as well (From $772m in June to $616m this week).

Tron’s 7 day high was $0.018 (on Sept. 16th) from that point onwards, TRX has recovered its bearish momentum. We project that TRXUSD could easily reach the $0.011 support, as the current zone has not held.

The next demand zone worth highlighting, that TRX is reaching is its ATL (All time lows). The $0.011 historical low was formed in Oct 2018, after this date, TRX USD rejected the zone and spiked over 200% in less than four months.

It seems like there is a fundamental-technical confluence, as the Tron’s team is planning to launch an update of the Sun Network very soon. The last release of the Network occurred on August 11, but major improvements were needed, such as the energy consumption of the sidechain. If the next release successfully fix the issue with the energy consumption as well as several other efficiency measures, then, we can expect TRX USD to bounce from the historical low highlighted in blue.

Michela Silvestri

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