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Long-Term Outlook:

Tron (TRX) 3-Day Chart – Source: Tradingview.com

A look at the 3-day chart for TRX shows that price met resistance at the original support area at $0.032-0.035, which coincides with the Ichimoku Cloud and the 50-Period Moving averages.

However, the 7 and 21 period moving averages look almost ready to make a bullish cross and are both acting as support. Price is currently trading at $0.025.

Medium-Term Outlook:

Tron (TRX) Daily Chart – Source: Tradingview.com
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A look at the Daily chart for TX shows that the reversal was preceded with a bearish divergence in the RSI once the price went in the resistance area at $0.031-0.033.

Furthermore, the MACD has made a bearish cross and is falling but it is still positive.

Tron (TRX) 12-Hour Chart – Source: Tradingview.com

A look at the 12-hour chart for TRX solidifies the findings of the daily chart and gives a possible support line in which price is moving.

If the line does not hold, the next area of support is at $0.018-0.02

Short-Term Outlook and Price Prediction:

Tron (TRX) 2-Hour Chart – Source: Tradingview.com

A look at the 2-hour chart for TRX shows that price is moving in a symmetrical triangle and is currently trying to break out of the resistance line at $0.035.

Price Prediction: Therefore, I believe that in the short term price is very likely to touch $0.28 and continue all the way to $ 0.3, which is the 0.5 fib line of the entire drop.

Conclusions:

  • Price is trying to break through resistance at $0.035.
  • In the short-term price is moving in a symmetrical triangle.
  • The next support area is at $0.018-0.02.

Latest Tron News:

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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