Tron (TRX)'s future indicates 20 to 30% surge in the upcoming week
Tron also called as 'Shitcoin' by its creator Justin Sun has secured its place in the top 200 cryptos and has been there for quite a while. Boasting an excess of 1.3 billion market cap, the coin is set to experience a major surge in its price based on the technicals.
At the time of writing, TRX was worth $0.019 and had created a lower high for almost a week. Especially after it hit a high of $0.0268 on 14 February 2020.
- Tron's respite from bears will push the coin anywhere from 20% to 30%. At which point, TRX will be worth $0.253 to $0.229.
- Failure would cause the price to shed to $0.0180.
60 Minute Tron ChartSource: Trading View.
The 60 minute aka the one-hour chart for TRX shows the price bound in a falling wedge. A bullish pattern the majority of the time will cause the price to shoot up. Typically, the surge is said to be equivalent to the widest part of the falling wedge.
Combining the above and the resistance levels, there are two targets where TRX will go. The first is at $0.0229 at an approximately 20% surge from the current price of $0.0195. The second is much higher at $0.0245, ie, a 30% surge from the current price.
Since patterns don't necessarily give a binary answer, there is a probability that the price will continue moving downward. This would cause a 6% decline, at which point, TRX will hit support of $0.0180.
All in all, the price seems to have huge upside as compared to its downside and would be the best spot to long TRX here.
Further proof can be seen in the wave trend indicator, which signifies the end of trend for a wave, irrespective of the bears/bulls. As for TRX, in the one-hour time frame, there is clear exhaustion of the trend. This points towards an obvious surge in the bulls, thus coinciding with the falling wedge theory of massive upside.
However, for TRX the Wave Trend indicator's first support band has been reached, meaning, there is still another band to which the trend might collapse. Hence, giving rise to the 6% downside scenario discussed above.
About The Author
Nick LeesonNick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.
Kraken Poll Involving Traders Suggests Good T...Zain Raza 14:53 PM 28 Mar 2020
FBI Arrests Russian Hacker And Shuts Deer.io ...Jyoti Singh 14:21 PM 28 Mar 2020
KuMex Planning to Launch Tether on Blockchain...Vandana Malik 14:12 PM 28 Mar 2020
Ficto New Blockchain-Based Online Streaming A...Jyoti Singh 13:00 PM 28 Mar 2020
Hive Tokens are Above Steem After a Week of T...Vandana Malik 12:51 PM 28 Mar 2020
Russian Police Ceases Illegal Bitcoin Mining ...Jyoti Singh 12:44 PM 28 Mar 2020
Crypto_bitlord Leaves Twitter, Says he Has Ha...Zain Raza 13:05 PM 28 Mar 2020
SilkRoad Founder Ross Ulbrichts's Celenbrates...Zain Raza 11:36 AM 28 Mar 2020
Kraken Looking Forward to Increase Job Force ...Vandana Malik 10:00 AM 28 Mar 2020
DPW Temporarily Shuts Mining Business After B...Jyoti Singh 08:44 AM 28 Mar 2020