Tron appeared bullish but has remained stalled after rising to a two-year high in November. The price currently looks indecisive as it reached a tight trading zone on the daily. It may soon break out of this symmetry triangle.
Increasing by more than 100% in the past year, TRX tested the $0.11 range for the first time in two years and quickly lost steam. This led to a short break in buying and remained calm ever since.
After that, the crypto made a series of descending highs and ascending lows, forming a symmetrical triangle pattern on the daily chart. This puts the price in a tight trading range as volatility drops for a month.
The ongoing price contraction may lead to an expansion any time from now. Considering a typical break for this triangle pattern, the price is likely to expand to the upside. That could rally the price to $0.2 from a mid-term perspective.
However, if that fails to happen due to market behaviour, we can expect a breakdown. A dip below the $0.10 level could fuel a big sell-off and at the same time signal a shift in trend on the daily chart
While the price is trapped in a triangle, TRX remains bullish on a weekly scale. It may have lost 1% today but remains one of the top altcoins to watch for long-term gain.
Tron’s Key Level to Watch
Source: Tradingview
Since November, TRX has recovered above the $0.10 level thrice. If the price breaks above the symmetry triangle, the $0.108 and $0.113 levels are the immediate resistance to watch before breaking higher to $0.12.
If the price breaks below the triangle, the support levels to watch below the $0.10 levels are $0.096 and $0.091. The levels below these supports are $0.085 and $0.08.
Key Resistance Levels: $0.108, $0.113, $0.12
Key Support Levels: $0.10, $0.096, $0.091
- Spot Price: $0.104
- Trend: Bullish
- Volatility: Moderate
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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