Home Analysis Alt Coins Tron (TRX) Price Prediction – Tron Breaks Above Symmetrical Triangle

Tron (TRX) Price Prediction – Tron Breaks Above Symmetrical Triangle

November 08, 2018 11:57

Tron has seen a small price decline totalling -1.98% over the past 24 hours of trading. The cryptocurrency i snow trading hands at a price of $0.0237 after seeing a 7 day price hike totalling 7.7%.

Tron has recently surpassed over 1 million transactions in daily volume. This is a serious milestone to overcome surpassing the combined daily transactions of many coins combined. Tron can currently process around 2000 transactions per second which far outweighs the TPS of rival coins.

Tron is ranked in 11th position in terms of overall market cap value. It has a total market cap of $1.56 billion after seeing a 9.43% drop over the past 30 trading days.

Tron, teh 14 month old coin, is trading at a price that is 90% lower than the all time high price.

Let us continue to analyse price action over the short term and highlight any potential areas of support and resistance.

Price Analysis

TRX/USD – SHORT TERM – DAILY CHART

https://www.tradingview.com/x/DfHOfZ0U/

Analysing price action from teh short term perspective above, we can see that the recent price increase has caused Tronix to break up above our highlighted symmetrical triangle pattern. We will need to see the market to continue to rise to confirm that this is a positive valid breakout of the triangle but things are looking promising so far.

We can see that the market rose into resistance provided by the .236 Fibonacci Retracement level (drawn in green) priced at $0.02532 before retracing. This area of resistance also coincides with the February 2018 low price further strengthens the resistance.

Moving forward, if the bulls can continue to climb above $0.02532 we can expect further higher resistance above to be located at the $0.026966 handle followed by resistance at the April 2018 low priced at $0.028.

If the bullish momentum propel the market furhter higher we can expect more resistance above to be located at the 1.272 and 1.414 Fibonacci Extension levels priced at $0.031 and $0.032 respectively.

The final area of resistance above to highlight is the 1.618 FIbonacci Extension level priced at $0.035.

Alternatively, if the bears re-enter the market and push price action lower we can expect immediate support below to be located at the .382 and .5 Fibonacci REtracement levels priced at $0.023 and $0.022 respectively.

Further support located below this can then be expected at the .618 and .786 Fibonacci Retracement levels priced at $0.02 and $0.018 respectively.

The RSI has recently broken above the 50 handle to indicate that the bulls are in control of market momentum. If the RSI can remain above 50 we can expect this market to rise.

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