Tron Price Analysis: TRX/BTC Breaks Out of A Symmetrical Triangle. Will It Reach 200 Satoshis?

Since then, the price has been decreasing. How long will TRX continue to decrease? Continue reading below if you want to find out. For our previous analysis, click here.

TRON Price: Trends and Highlights for September 23

• TRX/BTC broke out from a symmetrical triangle.
• It is following an ascending support line.
• There is resistance between 180 and 190 satoshis.
• The RSI has developed medium-term bearish divergence.
• There is support at 165 and 155 satoshis.

Previous & Current Movement

Looking at the two-hour chart we can see that TRX has been trading inside a symmetrical triangle since September 3. On September 17, the price broke out and initiated the upward move outlined in the introduction. After reaching a high, TRX dropped to 165 satoshis, where it has seemingly created support. This support level creates an ascending support line, which TRX seems to be following since September 13. Will TRX break down?

Tron Price Resistance Areas

Looking at a longer time-frame we can see a very wide resistance area between 180 and 190 satoshis. The price reached it on September 18 and 21 before decreasing, creating a long upper wick in the process. This is a sign of selling pressure and often indicates that the price will not increase above that level. This view is supported by the RSI. While the price has made a higher high inside the resistance area, the RSI has created a lower high instead. This is known as bearish divergence and often precedes price decreases. However, the price already decreased as a result of this divergence, reaching the ascending support line.

Future Movement

The current price level corresponds with a minor support area, which is found at 165 satoshis. In itself, this divergence is not sufficient in predicting an upward move. Furthermore, the price has not created any bullish reversal patterns. An outline of future price movement along with one additional support area is given below: TRX is likely to break down from the ascending support line and reach the second support area at 155 satoshis.

Tron Price Summary

The TRX price is following an ascending support line. According to our analysis, it is likely to eventually break down from this support line. However, it is possible that it will initiate a final upward move before breaking down. Therefore, for hypothetical trading purposes, we consider TRX a sell inside the resistance area of 180-190 satoshis. Do you think TRX will break down below the ascending support line? Let us know in the comments below.

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Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.  Images are courtesy of Shutterstock, TradingView.