On Jun 2, the TRON price reached a high of $0.041. A gradual increase ensued. Since then, TRX has made several lower highs and lows.
At the time of writing, the TRON price was trying to find support near $0.032.
SponsoredIn order to try and predict its future movements, we are going to analyze the price on different time-frames alongside technical indicators.
Tron (TRX) Price: Trends and Highlights for Jun 6
- The TRON price reached a high on Jun 2.
- It is trading inside a descending triangle.
- There is bearish divergence developing in the RSI.
- The moving averages have made a bearish cross.
- There is support near $0.03.
TRON Price: Descending Triangle
The price of TRX/USD is analyzed at one-hour intervals in order to trace its current pattern.
On Jun 2, the TRON price reached a high of $0.0411. A rapid downward move ensued. On Jun 4, the price made a low of $0.032.
Since then, it has been trading inside the descending triangle outlined below:
Sponsored Sponsored
At the time of writing, it was trading very close to the support line of the triangle. It is also nearing the point of convergence between resistance and support lines.
Is a breakdown in store? Let’s look at some technical indicators and find out.
TRX Price: Moving Averages
The TRON price is analyzed at six-hour intervals alongside the RSI, the 10- and the 20-period moving averages (MA) below:
On May 28, the TRON price reached a high of $0.037. It continued to increase and reached a higher high of $0.040 on Jun 2. During this period, the RSI generated successive lower highs. This is known as bearish divergence and often precedes price decreases.
Furthermore, a bearish cross between the 10- and 20-period moving averages occurred on Jul 5. This often indicates that a downtrend has begun. Afterward, the 10-period MA offered very close resistance to the price.
The use of these indicators supports a breakdown from the triangle.
If that occurs, where will the price find support?
Sponsored SponsoredReversal Areas
One support area is outlined below for TRX/USD.
The closest support area is found near $0.03. If the TRON price breaks down from the triangle, it is likely to reach this area. The analysis of technical indicators supports this hypothesis.
Summary
The TRON price reached a high on Jul 2. Since then, it has been decreasing, trading inside a descending channel. The bearish divergence in the RSI and a bearish cross between the moving averages indicate that a breakdown is likely to occur.
What do you think of this altcoin analysis? Let us know in the comments below!
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.
