2022-12-2 08:26 |
Tron’s price seemed to have recovered well from the global crypto market crash in November caused by the FTX exchange collapse. Following this recovery, it is currently trading near a crucial resistance where the price is likely to fall again.
The two-week recovery from $0.0453 has positioned the market in a short-term bullish. A 20% gain has brought the trading price to $0.054 at press time.
Although the long bearish trend is still much valid on the higher time frame. The gains may wash if the price fails to increase above the $0.0555 resistance level, which lies inside the orange zone.
As shown on the 4-hour chart, Tron maintained recovery inside a triangle, which reveals a bear pennant pattern. This pattern typically followed a breakdown. The breakdown is likely to occur as soon as the price reaches a tight area on the triangle, which corresponds with the mentioned resistance.
Once this resistance rejects price actions, Tron could recover from where it started to recover days ago. A break below the November low would signal the long-term bearish continuation. Such a scenario may cause a serious loss in the market if it plays out.
Tron Price Analysis (TRXUSDT): 4-Hour Chart Source: TradingviewWhile Tron’s price reaches a critical area, it is important to mark the potential levels to watch should the price break away. Considering a price drop, there’s a support at $0.0525, slightly below the triangle. The following support below this level is $0.0492, followed by a current yearly low of $0.046.
Inversely, it is still eyeing the triangle’s upper boundary where rejection is likely to happen. If a rejection fails at the crucial resistance and the price increases, the closest resistance level here is $0.058.
The price could even rally to the $0.06 level if buying pressure continues. This setup could lead to a V-shape pattern on the daily chart to invalidate the current bearish pennant.
Key Resistance Levels: $0.055, $0.058, $0.06
Key Support Levels: $0.0525, $0.0492, $0.046
Spot Price: $0.054 Trend: Bullish Volatility: LowDisclosure: 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: moxumbic/123RF // Image Effects by Colorcinch
The post Tron Price Analysis & Prediction (Dec 2nd) – This Pattern May Trigger Fresh Bearish Actions if TRX Fails to Hold Gains appeared first on NullTX.
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