A look at the 3-day chart for TRX shows that price has moved past the 7 and 21 period moving averages and is currently in the area of resistance formed by the highs of August and October 2018.
Price is also facing resistance from the cloud. While price break resistance or will it retrace? Let’s find out.
A look at the daily chart gives conflicting information.
Price is facing resistance from the 200-period MA, which coincides with the resistance area outlined in the 3-day chart.
Furthermore, there is a bearish divergence in both the RSI and the MACD.
However, the price is above the 7, 21 and 50-period moving averages and has managed to break above the cloud.
A look at the 12-hour chart paints a slightly more bearish picture.
Price is developing significant divergence in both the RSI and the MACD.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart supports the findings of the previous, longer-term charts.
Price has developed significant bearish divergence in both the RSI and the MACD.
This makes a double top pattern very likely.
Therefore, I believe that within the next two weeks price will fall and test the support area at $0.16.
- Price is at a significant area of resistance.
- A bearish divergence is developing in the mid-long timeframes.
- Double top pattern likely.
- Tron Price Prediction: Price will fall and test $0.16 within two weeks.