Market Analysis

TRON PRICE ANALYSIS & PREDICTION (December 28) – TRX Traps In Tight Symmetry Triangle, Ready For Bigger Expansion?

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.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: winst2014/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *