TRON Price Prediction: TRX Finally Breaks Out
A look at the Weekly chart for TRX shows that the price tried to break out of the 50-period moving average but was unsuccessful.
This was the second time it has attempted a breakout.
The MA coincides with the $0.03 resistance area. The price dropped immediately and is trading at $0.027.
The MACD has made a bullish cross and is moving upward, almost crossing above 0.
The RSI is at 54, indicating neither oversold nor overbought conditions.
There had been a minimal movement for the past seven weekly candles before a rapid upward move was initiated today.
A look at the 3-day chart shows that price has found support above the 50-period moving average.
However, it is trading below the 100-period MA.
While the MACD was into negative territory for a short period, it is currently in the process of making a bullish cross.
The RSI is at 60.
We can also see the minor support area near $0.017
A look at the Daily chart shows that the price is possibly trading inside an ascending triangle and has been doing so since late November 2018.
The price is trading above the 50, 100 and 200-period moving averages.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that the price just broke out of the resistance line in place since January 12.
The closest resistance area is found near $0.033, coinciding with the resistance line of the ascending triangle in the daily chart.
I believe that during the next week the price will trade inside the confines of the triangle.
- There is support near $0.012 and resistance near $0.03.
- Price is trading inside an ascending triangle.
- It recently broke out from a medium-term resistance line.
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