Tron Aims to Break Out Above Resistance

Tron Aims to Break Out Above Resistance
фото показано с : beincrypto.com

2020-7-2 20:00

The Tron (TRX) price has completed a short-term bullish pattern and is making its third attempt at breaking out above an important resistance area.

Current Resistance

The TRX price has been following a descending resistance line since February 24, currently trading only slightly below it. The price has been rejected four times by this line, until now.

However, the latest movement appears bullish. TRX initially lost the 170 satoshi support area, but reclaimed it afterward and has since begun moving upward.

However, even if the price breaks out, it would face resistance from the 200-day moving average (MA), which rejected the price on June 8. After that, the next closest resistance area is found at 205 satoshis.

TRX Chart By Tradingview

Cryptocurrency trader @TheEurosniper explains that the Tron (TRX) price could soon break out and head towards the range high at 210 satoshis. This area is only slightly above our resistance since @TheEuroSniper is using a longer-term time-frame.

Source: Twitter Tron/Dollar

The TRX/USD chart shows that the price is trading very close to the $0.17 resistance area, which is also the 0.5 Fib level of the entire decline beginning from February 14. While the price moved above this area on June 7, it proceeded to fall below it shortly afterward. Therefore, the current move may be a validation of this same resistance area.

However, the price is trading above the 50 and  200-day MAs, which have already made a bullish cross whether the price declines below these MAs or moves above the previously mentioned resistance area will likely determine the future trend.

For the price action to be considered bullish, TRX has to reach a close above the next resistance area, the 0.618 Fib level, at $0.192.

TRX Chart By Tradingview

The shorter-term chart reveals that TRX is following a rising support line, and has been doing so since May 11. Throughout this period, the price has completed a double bottom pattern combined with bullish divergence.

It is currently making its third attempt at breaking out above the minor $0.165 resistance area.

Therefore, it seems likely that TRX will successfully break out above this level and move towards the June highs at $0.185.

TRX Chart By Tradingview

The post Tron Aims to Break Out Above Resistance appeared first on BeInCrypto.

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resistance trx price tron above out line

Источник: beincrypto.com

resistance trx → Результатов: 126


Tron (TRX) Price Analysis and Prediction 2019 – Minor Pullback After A Solid Run (June 3rd Update)

4H TRXBTC After TRX bottomed out at 306 satoshis and launched a mini bull run, to the local high of 404 sats. A stronger pullback sent it below to 344 and it hovered around 351 sats. TRX then launched another attack at the 404 sats resistance and even managed to temporarily smash it to reach […] The post Tron (TRX) Price Analysis and Prediction 2019 – Minor Pullback After A Solid Run (June 3rd Update) appeared first on CaptainAltcoin.

2019-6-3 04:55


Tron (TRX) Price Analysis and Prediction 2019 – Dangling Around a Sturdy Resistance (May 18th Update)

Mid May update: Technical analysis 4H TRXBTC You can see a clear trend reversal on 4hr timeframe as TRX bottomed out at 306 satoshis and launched a mini bull run, to the local high of 404 sats. A stronger pullback sent it below to 344 and it didn’t violate our previous setup as TRX carried […] The post Tron (TRX) Price Analysis and Prediction 2019 – Dangling Around a Sturdy Resistance (May 18th Update) appeared first on CaptainAltcoin.

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