Tron's bearish scene to halt; 20-40% surge in the coming weeks?
Tron, a smart contracts platform similar to Ethereum, has suffered a similar dip as other altcoins after hitting a local top. Since the last article, the price has collapsed by more than 14% under 48 hours.
At the time of writing, the price of 1 TRX token was $0.0173 and had a market cap of $1.16 billion USD. Moreover, it still holds its rank of 15th largest cryptocurrency.
Even with a continuation of the bearish pressure, the price is still in the bullish falling wedge pattern. The price would take at least 20 to 25 hours to start its breakout of the pattern. The breach would allow the price to surge by 14% without a hitch, ie until it reaches $0.019 or $0.020. More surge awaits TRX once it breaches this level.
- The first level of pushback for the price would be $0.020, after a 14% surge.
- Following this, the price would reach the first major level of resistance at $0.018. The next levels are $0.021, $0.022, and $0.024.
- The $0.024 level sits tall at a 40% surge from its current price.
Four Hour Tron ChartSource: Trading View.
The falling wedge aka a bullish pattern has served the coin well since it still has bullish prospects on the horizon. This can also be seen in the DMI indicator (Directional Movement Index). The ADX line (Yellow) has already started its uptrend, whereas the DI+ (White) is still under the DI- (Red). Once the crossover between the DI+ and DI- takes place, it would signal the start of a bullish trend.
This change in trend will allow the price to push to $0.019 or $0.020. Further, this surge, if continues, would allow the price to pierce through to $0.021, which is a major level of resistance. If the momentum persists, the price will orbit to $0.022 and finally, $0.024 after a 40% surge.
The chances of these happening lies with the buyers and the price breaching $0.018. A failure to do so will cause a reversal and revisit to the current $0.017 level. Further bearish pressure will get the price down to $0.015, a level unvisited since late January 2020.
Optimistically, if the king of altcoins, Ethereum surges, the initial level is nothing more than a temporary resistance.
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.
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