TRON (TRX) Price Stabilizes Amid Rumors of Justin Sun FTX Buyout

23 November 2022, 15:30 GMT+0000
Updated by Geraint Price
23 November 2022, 15:30 GMT+0000
In Brief
  • TRX is following a long-term descending resistance line.
  • There is resistance at $0.055.
  • The daily RSI has generated bullish divergence.
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The Tron (TRX) price shows bullish signs in the short-term, indicating a relief rally towards $0.055. However, the long-term trend is considered bearish until that area is reclaimed.

The weekly time frame technical analysis for the TRX price gives a bearish outlook. The TRX price has decreased below a descending resistance line since its highest price of 2021 in April.

The line has caused six rejections so far (red icons). The most recent was on Nov. 7, initiating a sharp fall, also seen throughout the rest of the crypto market.

The ensuing drop was crucial for two reasons:

  • It caused a breakdown below the long-term $0.055 support area
  • It caused the RSI to drop below 50

As a result of this breakdown, the TRX price prediction is considered bearish. This would change with a reclaim of the $0.055 horizontal resistance area. If not, the decrease toward the next support at $0.036 is the most likely price forecast. 

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Despite the decrease, there is some positive TRX news. There are rumors that Justin Sun, the founder of the TRON blockchain, is interested in buying the assets of the now-defunct exchange FTX.

Tron Price Weekly
TRX/USDT Chart By TradingView

TRON Price Prediction: Relief Rally Prior to Fall

The daily time frame provides a more bullish outlook. The two main reasons for this are the long lower wick on Nov. 14 (green icon) and the bullish divergence in the daily RSI (green line). 

These signs suggest an upward movement is expected. And while the TRX price decreased slightly over the past 24 hours, it could resume its upward trend soon.

The daily chart also shows that the $0.055 resistance area coincides with the 0.5 Fib retracement resistance level. As a result, while a relief rally towards it is likely, the trend cannot be considered bullish until that area is reclaimed.

TRX Price Daily
TRX/USDT Chart By TradingView

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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.