Tron has seen a 4.46% price increase over the past 24 hours of trading. The Tron token is currently exchanging hands at a price of $0.0196 after seeing a 5.17% price increase over the past 7 trading days.

What’s been going on?

Investors have started to gain excitement as Tron releases its new crowdfunding platform SEEDGerminator

What is the SEEDGerminator?

The SEEDGerminator platform will allow app developers to come and crowdfund the development of their decentralised app. If the community likes the idea, they can invest and fund the development of the dapp. Read more about SEEDGerminator here.

Where is Tron ranked?

Tron is currently ranked in 13th position in terms of overall market cap across the entire industry. The Tron market cap is currently valued at a total of $1.29 billion after the 12-month-old coin suffers a 60% price decline of the past 90 trading days.

Let us continue to analyse price action for Tron over the short term and update our expected support and resistance levels.

Price Analysis

TRX/USD – SHORT TERM – DAILY CHART

A brief catch up

A lot has changed since our last analysis on the Tron market. We had outlined a support area outlined at the downside 1.272 and 1.414 Fibonacci Extension levels (drawn in green) priced at $0.01863 and $0.01613, respectively.

So what actually happened?

We can see that as September 2018 started to trade, the market collapsed and continued to decline. Price action continued to plummet until finding support just below our expected downside 1.272 Fibonacci Extension level priced at $0.018.

Where are now?

We can see that during the recent trading sessions, price action has rebounded from our support area and is now battling resistance at the psychological round number handle of $0.20.

Where can we go from here?

If the bulls can push price action above the resistance level at $0.20 then the nearest level of significant resistance above can be located at March 2018’s price low at $0.2340. Further resistance above this level can then be located at February 2018’s low at $0.25 followed by April 2018’s price low at $0.2813.

What if the bears take over?

Any bearish pressure in the Tron market is firstly expected to be absorbed at support around the $0.18 handle. If the bears can pressure the market lower then further support can be expected at the downside 1.414 Fibonacci Extension level (drawn in green) priced at $0.1613.

Further support located below this level can then be expected at the short term downside 1.414 Fibonacci Extension level (drawn in red) priced at $0.01497.

What are the technical indicators printing?

The technical indicators within the market are still currently favouring the bears within the market. The RSI is currently trading below the 50 handle indicating that the bears are in control of the momentum within the market. However, if the bulls can push the RSI above the 50 handle then we could expect to see some significant gains within the Tron market.

Let us continue to analyse price action for Tron over the short term for those who cannot keep their eyes off of the market!

TRX/USD – SHORT TERM – 4HR CHART

What’s been going on?

Analysing the market from the short term perspective above, we can see that Tron had experienced a bullish run when price action started from a low of $0.016 on August 14, 2018, and extended to a high of $0.027 on August 28 2018. This was a price increase of 70% from low to high.

We can see that price action has since rolled over and retraced. The Tron market has fallen until finding support recently at the short term .886 Fibonacci Retracement level priced at $0.01732 where it rebounded. This area of support was also bolstered by a short term downside 1.414 Fibonacci Extension level priced in the same area.

Where can we go from here?

If the bullish action continues then, from a short term perspective, we expect immediate resistance to be located at the.618 Fibonacci Retracement level priced at $0.020. Further short term resistance above this level can be expected at the 1.272 Fibonacci Extension level priced at $0.02157 followed by the .5 Fibonacci Retracement level priced at $0.02192.

If price action can continue even higher, then further resistance can be expected at the .382 Fibonacci Retracement level priced at $0.02334 followed by the recent high priced at $0.02789.