8 hours ago | Michael Fasogbon
| ⠀TRON price: | $0.016 |
|---|---|
| ⠀Key TRX resistance levels: | $0.0172, $0.0188, $0.023 |
| ⠀Key TRX support levels: | $0.0142, $0.012, $0.01 |
*Price at the time of writing
TRON price long-term prediction: Bullish
The last three days have been an interesting moment for TRON following the latest significant increase which amounts to current gains of +7.87%. As we can see, the bullish impulsive move is starting for the TRX market and we can expect more positive movement in the coming days.
Furthermore, the future looks promising for the buyers if the market continues to rely on the broadening wedge support at $0.0012.
Meanwhile, there’s a close resistance at $0.00172, followed by $0.0018. If TRX can manage to reclaim the $0.0023 resistance, buying pressure is likely to intensify. We can see that TRON is slowly gaining strength after establishing support on the RSI 30 level. Despite the recent positive move, the MACD indicator suggests that TRX remains under a strong bearish bias.
Should the selling pressure resume, the market could look for near support to suppress a bearish play. The potential support levels lie at $0.00142 and $0.0012. A new support may be established at $0.001 if TRX drives beneath the wedge formation.
TRON price medium-term prediction: Bearish
TRON is approaching a significant horizontal resistance (white) of $0.00172 on the 4-hour chart, where a surge in volatility is expected to occur. Similarly, the technical indicators are also reaching an important zone on the price chart. A minor downward correction is to be expected, especially on the RSI indicator, before we can validate a good buy entry that targets a climb to the $0.002 and $0.0023 resistance levels.
However, bouncing back at $0.0017 could cause a lot of selling pressure in the TRX market and could potentially send TRX back to the $0.0015 and $0.0013 support levels. But if we consider the recent positive cross on the MACD, there’s a hope for a reversal. The TRX market remains bearish from a medium-term perspective.
TRON price short-term prediction: Bullish
Zooming into the hourly chart, we can see that TRON has been following a higher high and higher low pattern for the past three days now. More importantly, TRX is shaping in an ascending channel. After testing the channel’s resistance at $0.00165, the market is now looking for support on the channel’s lower boundary ($0.00155). Conversely, the RSI is also aiming towards its mid-band.
We can expect the $0.00155 support to keep the bulls on track to the next resistance level of $0.0017. If the channel’s lower boundary fails to serve as a rebound level for the short-term bullish swing, TRON may fall heavily to the $0.00145 – $0.0014 price zone. The MACD is now showing positive signs but is sloping downwards at the moment.
Conclusion
A potential rejection at the $0.00172 resistance on the 4-hour chart could stop the ongoing bullish formation for TRX. If the resistance breaks, the outlook for TRX will improve considerably. As of now, the bullish impulsive move is still shaky.
