Tron (TRX) has regained its footing after a decrease as a result of its USDD de-pegg, but concerns about its viability still remain.
TRX has been declining since reaching an all-time high of $0.18 in April 2021. The downside movement reached a low of $0.046 on June 15, 2022.
The low and the subsequent bounce acted to validate an ascending support line for 826 days. As long as the price is trading above this line, the bullish pattern remains intact.
The weekly RSI may be in the process of validating the 50 line as resistance (red circle). It succeeds in doing so or is rejected, which can determine whether the price breaks the line.
A possible breakout from this line could accelerate the downside movement.
recovers after breaking
The daily chart shows that the price was moving inside an ascending parallel channel since the beginning of the year.
After finally breaking above it on June 13th, price validated it as resistance in the coming week (red circle).
However, the price managed to retest the support line of the channel on June 27. It is currently trading with the 0.5 Fibonacci Retracement resistance level at $0.069.
Similar to the weekly chart, the RSI is currently validating the 50 line as resistance while also following a descending trendline. So, if it does manage to exit, it could be a catalyst for a significant upward movement.
The two-hour chart is in line with this outlook as it shows that TRX is trading at a resistance line in an ascending parallel channel (red icon). Since the resistance of the channel coincides with the previously mentioned Fib Retracement resistance level, whether the price breaks out or gets rejected will likely determine the direction of the short-term movement.
TRX/BTC
cryptocurrency trader @CryptoShadowOff Tweeted a chart from TRX, which says that the price has finally broken out of a very long term horizontal resistance area.
The long term TRX/BTC chart is bullish for two main reasons.
Firstly, the price broke a descending resistance line that it had previously since May 2018. Secondly, it has regained the 300 satoshi horizontal zone it had been in since September 2018.
If the upward movement continues, the next nearest resistance area will be at 460 satoshis.
For Be[in]Latest Bitcoin (BTC) Analysis of Crypto, click here