Tron (TRX) Price Watch: Which Way Will It Break Out?

Tron Price Key Highlights


Tron has formed lower highs and higher lows to create a symmetrical triangle pattern.
Price just bounced off the top and may be due for a test of support soon.
Technical indicators suggest that theres a chance for support to break and lead to a selloff.

Tron is consolidating in a symmetrical triangle pattern and might be due for a break below support.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, support is more likely to break than to hold.

Price is currently testing the 100 SMA dynamic inflection point and it seems to be holding as support, though. Also, the gap between the moving averages is narrowing to signal slowing bearish momentum. An upward crossover could even draw buyers back in.

RSI is still pointing down to confirm that sellers have the upper hand and could push Tron price to the bottom of the triangle around 0.0350. Stochastic is also moving south so Tron could follow suit, but the oscillator is also nearing oversold levels to indicate bearish exhaustion. Turning higher could bring bullish pressure in and lead to a test of the resistance at 0.0380.

A break below support could spur a drop thats the same height as the triangle pattern, which spans 0.0310 to 0.0420. Similarly a break past the top could lead to a rally of the same size.

TRXUSD Chart from TradingView

Tron has been keeping its head afloat these days thanks to confirmation that the TRON Foundation did acquire Bittorrent. Although the details of the acquisition and company plans are still fuzzy, there seems to be enough investor optimism surrounding this to prevent further declines in Tron price.

However, the dollar is also proving to be a tough contender as easing trade tensions and expectations for a strong Q2 GDP are currently propping it higher. Profit-taking in recent rallies has also kept a lid on Tron price gains lately.

The post Tron (TRX) Price Watch: Which Way Will It Break Out? appeared first on NewsBTC.

26.07.2018 / 23:10 89
NEO Price Watch: Another Long-Term Chart Formation NEO Price Watch: Another Long-Term
NEO Price Key Highlights NEO has formed lower highs and higher lows to trade inside a symmetrical triangle formation on its 4-hour chart. Price is
Bitcoin (BTC) Price Watch: Ascending Channel Below Major Support Bitcoin (BTC) Price Watch: Ascending
Bitcoin Price Key Highlights Bitcoin price has formed higher lows and found resistance at the $6,785 level to create an ascending triangle. Price is
Bitcoin (BTC) Price Watch: New Triangle Pattern Forming Bitcoin (BTC) Price Watch: New Triangle
Bitcoin Price Key Highlights Bitcoin price has formed higher lows and found resistance at the $7,700 level to create an ascending triangle. Price is
Tron (TRX) Price Watch: Triple Bottom at Triangle Support Tron (TRX) Price Watch: Triple Bottom
Tron Price Key Highlights Tron is still hovering at the bottom of its long-term descending triangle, still deciding whether to bounce or to break. A
Tron (TRX) Price Watch: Waiting for a Breakout Tron (TRX) Price Watch: Waiting for a
Tron is still stuck in consolidation as it formed a symmetrical triangle on its 1-hour chart. Price is currently testing the triangle support and
Bitcoin Price Technical Analysis for 03/14/2018  Waiting for a Triangle Break Bitcoin Price Technical Analysis for
Bitcoin Price Key Highlights Bitcoin price has formed lower highs and higher lows, creating a symmetrical triangle pattern on its 1-hour chart.
Comments (0)
Add a comment
Comment on