$9 Resistance Will Be Reached

$9 Resistance Will Be Reached

The TRON (TRX) price broke out from a long-term descending resistance line and then moved above the $0.055 resistance area. These are both bullish sign that support the continuation of the upward movement.

The TRON founder Justin Sun reportedly wants to spend up to $1 billion to buy the assets of Digital Currency Group in the event the latter goes bankrupt.

On Jan. 17, two pieces of positive TRON news hit: the TRON network announced that it will burn more than 1,397,590 tokens, and the Japanese exchange Zaif announced that TRX would be available from Jan. 25.

Reclaims of Structures Offers Bullish TRON Long-Term Price Prediction

At the beginning of Nov. 2022, the TRON price decreased below the $0.055 horizontal area. This was a critical development since the area had been in place for 539 days. However, the breakdown was not legitimate (red circle).

The TRX price began an upward movement and reclaimed the area on Jan. 13. Moreover, it broke out from a descending resistance line that had been in place for 637-days. Therefore, in one fell swoop, the TRON price moved above two very long-term structures. This bodes exceptionally well for the TRON long-term price prediction.

The weekly RSI also legitimizes the bullish price action. The indicator broke out from a descending resistance line and is now above 50.

If the upward movement continues, the closest resistance area would be at $0.09. This is a 50% increase from the current price. On the other hand, if the TRON price reaches a weekly close below the $0.055 area, it could decrease to $0.036.

Therefore, technical analysis readings from the weekly time frame provide a bullish TRON price forecast.

TRX/USDT Weekly Chart. Source: TradingView

To conclude, the TRON long-term price prediction is bullish due to the breakout above two long-term structures. As a result, an increase toward the $9 resistance area is the most likely TRX price analysis.

Positive TRON news similar to the current exchange listing could aid this increase. A weekly close below $0.055 would invalidate this and send the price tumbling toward $0.036. 

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.



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