Tron Price Prediction 2023: Here’s How This Chart Pattern Will Influence TRX’s Future Price

Tron Price Prediction 2023: For nearly two years, the Tron coin price has strictly followed a descending triangle pattern. This bearish contention pattern consists of a falling trendline which assists sellers on bullish rallies and fixed support levels whose breakdown will accelerate the market selling pressure. In theory, the lower high formation within this pattern reflects the inability of buyers to carry a higher recovery rally. Thus, will the gradual loss of bullish momentum, the buyers lose crucial support, which leads to a prolonged downfall. 

Key points:

• The $0.05-$0.049 support remains a high accumulation zone and neckline of the triangle pattern
• A potential bearish crossover between the 50-and-100-weekly EMA will increase the possibility of neckline breakdown
• The intraday trading volume in the TRX coin is $89.5 Million, indicating an 11.2% gain.

Source- Tradingview

By the press time, the TRX price traders at the $0.054 mark with an intraday gain of 0.06%. Furthermore, amid the ongoing uncertainty, the price action shows a wavering movement between the trendline and $0.05 support.

The TRX price has nearly approached the peak of the triangle pattern, indicating that the price is close to breaking out.

Thus, a possible breakdown from the neckline support will intensify the bearish momentum and tumble the prices more 52% to $0.22.

On a contrary note, in a rare case scenario, a bullish breakout from the patterns resistance trendline is possible. If market sentiment improves, the Tron coin price could give a bullish breakout from the overhead trendline and start a fresh recovery rally. 

In an ideal condition, the bullish breakout may lead a price rally to the triangle’s highest peak, which for TRX price is $0.15.

Technical Indicators

Relative Strength Index: even though the price action maintains fixed support, the weekly-RSI slope shows a lower low formation indicating the buyers have a weak hand.

EMAs: the 200-weekly EMA is moving around the $0.054 strength of the support power of this level. However, the other EMAs(20, 50, 100) moving above the price will act as significant resistance.

Tron Coin Price Intraday Levels

• Spot rate: $0.054
• Trend: Bullish
• Volatility: High
• Resistance level- $0.000167 and $0.000187
• Support level- $0.05 and $0.038