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On June 4, theprice (TRX) reached a low of $0.031. An upward move ensued. On the same day, the price made a high of $0.036. It has been decreasing since.
On June 10, the TRX price reached lows near $0.029. It has been increasing since.
In order to try and predict its future movements, we are going to analyze the TRON price on different time-frames alongside technical indicators. (Click here for our previous analysis.)
On June 4, the TRON price (TRX) reached a low of $0.031. An upward move ensued and the price made a high of $0.036 during the same day.
Since then, it has been decreasing, trading inside the descending channel outlined below.
At the time of writing, the TRON price was trading very close to the resistance line of the channel. It has previously made three unsuccessful attempts at a breakout. Will this one be different?
Let’s look at some technical indicators and find out.
On June 12, the TRX price is in the process of making a bearish cross. This often indicates that a downtrend has begun. Furthermore, the price is trading below both moving averages and facing close resistance from them.
Finally, the moving averages currently coincide with the resistance line of the channel. If the 10-day MA continues to fall as projected, it should continue doing so.
The use of these indicators makes a breakout from the channel unlikely. Rather, it is likely that it will continue to decrease at the rate predicted by the channel until it finds a support area in which it can try to initiate a reversal.
One support area is outlined below for TRX/USD.
The closest support area is found near $0.026. If the TRON price (TRX) keeps decreasing at the rate predicted by the channel, it should reach this area on June 16. The analysis of technical indicators supports this hypothesis.
The TRON price (TRX) reached a high on June 4. Since then, it has been decreasing, trading inside a descending channel. The daily moving averages are in the process of making a bearish cross. An analysis of technical indicators suggests that the price will decrease until it reaches the support area outlined above.
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.
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