These Two Altcoins Have Moved Above Important Resistance Levels

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In Brief
  • RSR has broken out from a descending resistance line.

  • The next resistance level is found at 46 satoshis.

  • TRON is following a descending resistance line and facing resistance at 171 satoshis.

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Both Reserve Rights (RSR) and TRON (TRX) have broken out from long-term descending resistance lines — possibly indicating that they have begun bullish trends.



Reserve Rights (RSR)

The descending resistance line and break out for RSR were outlined by cryptocurrency trader @PostyXBT, who stated that :

Finally we get a clean breakout[.] A daily close above green would be ideal, but a lot to ask for [in my opinion.]

Source: Twitter

Indeed, RSR has broken out from a long-term descending resistance line and has flipped the 36 satoshi level as support.



Additionally, a bullish cross has transpired between the 50- and 200-period moving averages (MAs), supporting the possibility that a bullish trend has already begun.

If the price continues to move upwards, which is looking likely, the closest resistance level is found at 46 satoshis.

RSR Chart By Tradingview

TRON (TRX)

One coin that has not yet broken out but is in the process of doing so is TRON (TRX). The price has been following a descending resistance line since February 14. At the time of writing, the price was attempting to break out from this resistance line for the fourth time. Furthermore, the price was facing resistance from the 172-satoshis horizontal area.

However, the RSI shows a growing bullish divergence, which indicates that the price will break out. Also, yesterday’s daily close was the highest since May 4, slightly above this descending resistance line.

If the price breaks out, the next resistance level is found at 195 satoshis.

TRX Chart By Tradingview

The short-term chart supports this possible increase. TRX has successfully flipped the 168 satoshi level as support and has created numerous long lower wicks.

In addition, there is an impending bullish cross between the 50- and 200-hour moving averages (MAs), a sign that a bullish trend has begun and the price is likely to continue moving upwards.

TRX Chart By Tradingview
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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