Crypto News

Tron Price Analysis & Prediction (Dec 2nd) – This Pattern May Trigger Fresh Bearish Actions if TRX Fails to Hold Gains

Tron’s price seemed to have recovered well from the global crypto market crash in November caused by the FTX exchange collapse. Following this recovery, it is currently trading near a crucial resistance where the price is likely to fall again.

The two-week recovery from $0.0453 has positioned the market in a short-term bullish. A 20% gain has brought the trading price to $0.054 at press time. 

Although the long bearish trend is still much valid on the higher time frame. The gains may wash if the price fails to increase above the $0.0555 resistance level, which lies inside the orange zone.

As shown on the 4-hour chart, Tron maintained recovery inside a triangle, which reveals a bear pennant pattern. This pattern typically followed a breakdown. The breakdown is likely to occur as soon as the price reaches a tight area on the triangle, which corresponds with the mentioned resistance. 

Once this resistance rejects price actions, Tron could recover from where it started to recover days ago. A break below the November low would signal the long-term bearish continuation. Such a scenario may cause a serious loss in the market if it plays out.

Tron Price Analysis (TRXUSDT): 4-Hour Chart

Source: Tradingview

While Tron’s price reaches a critical area, it is important to mark the potential levels to watch should the price break away. Considering a price drop, there’s a support at $0.0525, slightly below the triangle. The following support below this level is $0.0492, followed by a current yearly low of $0.046.

Inversely, it is still eyeing the triangle’s upper boundary where rejection is likely to happen. If a rejection fails at the crucial resistance and the price increases, the closest resistance level here is $0.058.

The price could even rally to the $0.06 level if buying pressure continues. This setup could lead to a V-shape pattern on the daily chart to invalidate the current bearish pennant.

Key Resistance Levels: $0.055, $0.058, $0.06

Key Support Levels: $0.0525, $0.0492, $0.046

  • Spot Price: $0.054
  • Trend: Bullish
  • Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: moxumbic/123RF // Image Effects by Colorcinch

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