TRON PRICE ANALYSIS & PREDICTION (May 9) – TRX Is Breaking Out Of An Inverse Head and Shoulder Pattern, Poises For A Big Move

2024-5-10 23:37

Tron TRX has recovered significantly from the recent dip and is now displaying signs of strength. While looking strong, it is set to reclaim its previous high following a reverse bullish formation on the daily chart.

While painting bearish scenarios for two months, TRX reaccumulated along the way down and found a solid ground above the $0.1 level in April. It picked up from there and gained recovery for three weeks. 

Bringing such stellar performance within a short period, the latest market structure appeared super bullish and poised for a big price movement on the daily chart. In fact, the price just broke out of a key resistance level.

This came after the cryptocurrency formed an inverse head and shoulder pattern on the daily chart. And as we can see, it is now trading slightly above the neckline, targeting the $0.14 range that flipped when the market started to fall in March.

With this latest bullish setup, the bears are likely to suffer along from a technical standpoint. But if selling occurs due to market uncertainty and negative speculations, the price may roll back near the previous low (to form a double-bottom) before bouncing back.

Dropping off this low could trigger another drawdown in the short-term. But as it stands, the bulls are much likely to gain more dominance in the coming days.

Tron’s Key Level to Watch Source: Tradingview

The latest breakout is facilitating a quick movement towards the $0.134 resistance before reclaiming the March’s $1.44 resistance. A surge through this resistance could trigger a swing to the $0.155 and $0.17 levels in no time. 

There are no signs of dropping at the moment. However, if a retracement occurs, the levels to consider for support are $0.124, $0.116 and $0.11. The $0.1 level would be the next support for a breakdown.

Key Resistance Levels: $0.134, $0.144, $0.155

Key Support Levels: $0.124, $0.116, $0.11

Spot Price: $0.125 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: slavstan/123RF // Image Effects by Colorcinch

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tron trx looking strength daily displaying signs

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