Tron Is Trading Within Its Triangle Pattern; What Awaits The Coin Next?
06 Mayo 2022 - 8:00PM
NEWSBTC
Tron’s native coin TRX has been moving on bullish price action
since the beginning of the month. Tron had announced in the past
weeks, that, it is soon to be going live with its algorithmic
stable coin USDD. Ever since this development, the anticipation
caused prices of TRX to surge. TRX has been one of the top gainers
in the industry. The bullish stance has made the coin go past its
immediate price ceiling and pushed the coin to eye its next
resistance mark. On the chart, according to its past trading
sessions over the months, the coin is seen to be trading within a
triangle pattern. The triangle trading pattern has highlighted
ascending support lines and descending price ceilings. TRX’s prices
have shot up but even in the middle of last month, the coin was
seen trading close to its crucial support level. Prices of the coin
was seen dipping slightly on charts, due to a case of profit taking
at the time of writing. Tron Price Analysis: One Day Chart Tron was
priced at $0.081 at the time of writing. Soon after touching the
resistance mark of $0.087, the coin noted a pull in prices. This
can be pointed towards profit-taking. A heavy inflow of buyers in
the market also validates the same reading. A fall from the current
level could push the coin to trade near the $0.075 price level,
breaching which TRX could trade close to $0.067. On the upside, if
prices don’t correct then TRX might push further up as buyers have
flocked the market. In case of a bullish pressure, the coin could
move near the $0.090 price level over the next trading sessions.
Volume of TRX was seen in green and that is indicative of positive
price action. Technical Analysis Tron at the moment remains quite
bullish on the 24 hour chart. This can be said so because the
coin’s prices were seen above the 20-SMA line depicting that buyers
drove price momentum in the market. The coin was above the 50-SMA
line which is also a sign of positive price action. At press time,
TRX was also seen trading above the 200-SMA line indicating
bullishness. On the Relative Strength Index, TRX depicted increased
number of buyers as the indicator stood above the 60-mark. It also
confirms profit-booking because the coin was overbought in the
previous trading sessions. Related Reading | TRON Joins Stablecoin
Wars Will Launch USDD With 30% APY, Here Is When MACD indicated
strong bullish momentum on the chart. The indicator underwent a
bullish crossover and flashed green histograms which were
increasing in size. This meant that the bulls were still in charge
at the time of writing. The Directional Movement Index which
depicts market momentum was certainly quite bullish as the -DI was
under the +DI line on the chart at press time. It indicated bullish
price action. A chance of a price pullback after a rally cannot be
ruled out. TRX registered increase in the price by double-digits
over the past 24 hours. In the last week, TRX gained close to 29%.
Related Reading | TRON DAO Reserve Appoints Alameda Research as the
First Member and Whitelisted Institution Featured image from
UnSplash and the chart from Tradingview.com
TRON (COIN:TRXUSD)
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