TRX Trend Analysis - Descending Triangle? Or is it just hype?
TRX seems to be in a pretty tight spot right now on the charts. I believe that whichever direction it chooses, the move should be strong.
If it does choose to range sideways long enough, it may invalidate parts of this analysis. There is some resistance and support in the low 500s that could create a sideways trading channel.
On the downside, this coin has historical support at 440-450 sats.
On the upside, we still have to break resistance at 520 satoshis, as well as avoid being pulled of course by Bitcoin price action.
I drew some trend lines, and a Descending triangle (bullish) took shape. Price decided to move up the last time we had this formation. This time, the triangle is quite steep, which is why the break out could be as well.
Fundamentally, TRX is a troubled coin. There are supporters and there are harsh critics. However, the anticipated mainnet launch scheduled for May 31 could bring the hype this coin needs to revisit old ATHs, and maybe just maybe create a new one. But that is mere speculation, of course. Charts dictate that price can go either way, but with the bull scenario a little more likely.
As always, happy trading! :)
If it does choose to range sideways long enough, it may invalidate parts of this analysis. There is some resistance and support in the low 500s that could create a sideways trading channel.
On the downside, this coin has historical support at 440-450 sats.
On the upside, we still have to break resistance at 520 satoshis, as well as avoid being pulled of course by Bitcoin price action.
I drew some trend lines, and a Descending triangle (bullish) took shape. Price decided to move up the last time we had this formation. This time, the triangle is quite steep, which is why the break out could be as well.
Fundamentally, TRX is a troubled coin. There are supporters and there are harsh critics. However, the anticipated mainnet launch scheduled for May 31 could bring the hype this coin needs to revisit old ATHs, and maybe just maybe create a new one. But that is mere speculation, of course. Charts dictate that price can go either way, but with the bull scenario a little more likely.
As always, happy trading! :)
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Things looking good, had a nice run-up to around 530 sats. Watch price here. If breaks down, TRX could linger here a bit more and maybe even retrace a bit. But if it keeps testing / penetrating the uptrend line, I think a breakout is likely.
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Tron failed to break out of our bullish descending wedge, invalidating it.
Now it is creeping up along our trend line.
Hopefully it holds, but hope is not a profitable emotion. Be wary
Now it is creeping up along our trend line.
Hopefully it holds, but hope is not a profitable emotion. Be wary
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The wedge isn't necessarily invalidated, but the immediate bullish case of a break out is invalidated. Even if it does break out, it won't be because of the wedge being broken