Tron's falling price may find relief by breaching of descending channel - AMBCrypto
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Tron’s falling price may find relief by breaching of descending channel

Namrata Shukla

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Tron's falling price may find relief with breaching of descending channel


Tron has been reporting consecutive losses in 2019 and there has been no sign of recovery. With its recent fall of over 24%, the coin devalued from $0.0153 to $0.0115. Tron now stands at the 14th position on CMC, priced at $0.01295 (at press time).

Weekly- chart

The descending channel formed in the weekly chart of TRX is conceived as a bullish pattern. One of the trend lines marked the lower highs at $0.0409, $0.0302, and $0.0188, while the lower lows were connected by another trend line at $0.0291, $0.0203, and $0.0157. The falling price between the slope may note an upward spike as the coin breaches out of the pattern.

21 moving average of Tron was well above the candlestick, denoting a bearish market, which was also affirmed by MACD indicator. MACD line rested beneath the signal line suggesting bears’ hold over the market.

Conclusion: 

The toppling price of Tron may note a boost in its price as the coin breaches the bullish pattern. However, until then the coin’s value may be restricted at $0.0129 with a market cap of $874.40 million. The coin has reported 3.27% fall in the past day but had reported minimal growth of 0.09% within the past hour.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.