Tron [TRX] Price Prediction: The End of the Symmetrical Triangle Is Near, When Will the Breakout Occur?
A look at the Weekly chart for XLM shows that the price is currently trading at $0.024, between the 21 and 50-period moving averages.
It has found support above the 21-period MA.
The closest support area is found near $0.0115 while the closest resistance area is at $0.03.
The MACD has made a bullish cross and is moving upward, but is not positive yet.
The RSI is at 49, indicating neither overbought nor oversold conditions. The price is also trading below the negative Ichimoku cloud.
A look at the 3-day chart shows that after reaching the $0.03 resistance, the price made a double top combined with a bearish divergence in the RSI, and promptly dropped to the 50-period moving average where it is currently trading.
The 3-day chart also gives us a minor support area near $0.016.
The MACD has made a bearish cross and is falling, but it is not negative yet.
It is worth mentioning that the projected Ichimoku cloud is positive.
A look at the Daily chart gives us a trading structure.
Price had been following an ascending support line since the bottom in November 2018.
The line has been validated three times.
Furthermore, the price is trading below the 21 and 50-period moving averages which have made a bearish cross.
It is also trading below the Ichimoku cloud.
In a more positive note, the price seems to have found support above the 200-period MA which coincides with the ascending support line.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that price has been trading inside a symmetrical triangle since the top at $0.03.
It is currently inside the minor resistance area near $0.024, created by previous support.
I believe that during this week the price will consolidate near the ascending support line.
- There is a medium-term bearish divergence.
- The price has made a double top.
- The price is trading inside a symmetrical triangle.
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