MEXCWhen Will TRON (TRX) Price Be Released From Current Consolidation?
The Tron (TRX) price is trapped in a no-trading zone ranging from $0.0712 and $0.067 barriers. However, under the influence of an ascending triangle pattern, the altcoin is most likely to breach the overhead resistance. So, how far will its rally go?
Key points from TRX analysis
- The TRX price faces intense supply pressure at the $0.7-$0.0712 resistance zone.
- Emerging trendline may provide dynamic support to coin pierce
- The 24-hour trading volume in the TRON coin is $414.5 Million, indicating a 4.5% hike.
Source-Tradingview
Over the past two months, the TRX price has showcased numerous attempts to breach the $0.7-$0.0712 supply zone. These failed trials with long-rejection candles indicate the sellers are aggressively defending this level.
On the flip side, the technical chart shows an upcoming support trendline which may act as a potential footing. If TRX traders respect this support trendline, the chart will reveal the formation of an ascending triangle pattern.
This bullish pattern reflects a gradual rise in bullish momentum, which may eventually breach the neckline resistance, which in this case is $0.0712. In response to this bullish pattern, a potential target is the same discount as the length between the neckline and the initial swing low.
Furthermore, in the past three weeks, the price action has bounded within $0.0712 and $0.067 levels, indicating a narrow range. Moreover, the TRX price is currently trading at the $0.68 mark if its spread is squeezed enough to be considered a no-trading zone.
Such a narrow range could give a decisive breakout in one or two weeks. Thus, if altcoin breaches the neckline resistance, the resulting rally may shoot the prices $23.6 higher to the $0.883 mark.
On a contrary note, if the TRX holders lose the $0.067 support and provide a candle closing below the ascending trendline, the altcoin may witness a longer correction, dropping the prices to the $0.058 mark.
Technical indicator
EMAs: The flattish crucial EMAs(20, 50, 100, and 200) accentuate a sideways rally. However, the 200-day EMA wavering around the $0.071 resistance provides an additional barrier against buyers.
Vortex indicator: the VI+ and VI- slopes showed multiple crossovers during the triangle formation, indicating uncertainty among market participants.
- Resistance level- $0.072 and $0.076
- Support levels- $0.067and $0.63
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