Bitcoin
BTC$69 754.66

-1.09%

Ethereum
ETH$3 535.01

-1.36%

Tether
USDT$1.000194

0.06%

Binance Coin
BNB$612.93

4.06%

Solana
SOL$183.87

-1.70%

XRP
XRP$0.614215

-1.52%

TRON (TRX): A Pullback After a Huge Bullish Spike?


September 2020

Over the past couple of days, literally, the entire cryptocurrency market has been going through the quickest and the most tangible dump it had in months, probably since the infamous coronavirus flash crash. Not that there are any parallels between these events, but it appears that the world is approaching the second wave of the pandemic, meaning that it could be March all over again if the cryptocurrency market, and the traditional one for that matter, won’t stabilize in the near future and get back to its bullish ways.

TRX defends its positions after striking $0.05


Nevertheless, while Bitcoin and the overwhelming majority of altcoins were in the freefall, TRON (TRX) has had a field day as the value of the 14th cryptocurrency soared above the last year’s high at $0.026 and even went on to touch the level at $0.05 with the upper wick on the weekly time frame, surprisingly making it arguably the only altcoin that was bullish on August 3, when the dump has been kicking into gear.

1-week TRX/USDT chart

In fact, TRX has performed a breakout out of the descending wedge formation and also crushed the macro resistance at $0.024 and retested it twice before flashing, perhaps, the largest green candle this market saw in months, the body of which began to shrink once the price touched $0.05. Obviously, the breakout has happened in a very inappropriate time; otherwise, this weekly candle would have closed significantly higher. Unfortunately, TRX got itself in a pickle here because potential buyers must be cautious about devoting money to any altcoin in the sliding market, while the bears continue to mount the pressure, trying to push the price below the resistance at $0.03 that would threaten the overall bullish narrative.

The indicators show that TRON is getting closer to falling into the bears’ claws, which would happen if the price drops below $0.024, thus rendering the breakout obsolete.

At the moment, everything depends on whether the market recovers swiftly after the all-encompassing dump. If so, TRX might go on a strong rally; otherwise, it would be dragged down by the bears.

Author: Alex Paulson for Crypto-Rating.com

Related

The 2025 - 2030 TRON (TRX) Price Prediction: The Long Way to All-Time High and Above
The 2025 - 2030 TRON (TRX) Price Prediction: The Long Way to All-Time High and Above
TRON (TRX) Changes Its Stance to Bearish
TRON (TRX) Changes Its Stance to Bearish
TRON (TRX): Anticipating the Resolution of Symmetrical Triangle
TRON (TRX): Anticipating the Resolution of Symmetrical Triangle
TRON (TRX) Stays On a Slow Course to the Upside
TRON (TRX) Stays On a Slow Course to the Upside
TRON (TRX) Could Be Setting Up a Bear Trap
TRON (TRX) Could Be Setting Up a Bear Trap
Tron Is Heading for a Range in April 2020
Tron Is Heading for a Range in April 2020
TRON is Under the Bears’ Thumb
TRON is Under the Bears’ Thumb
Tron (TRX) Maintains Royal Price Action
Tron (TRX) Maintains Royal Price Action
TRON (TRX) Price Prediction for February 2020
TRON (TRX) Price Prediction for February 2020

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 78.8% 42 $69 754.66 -1.09% 6.48% $1 371 888 833 628 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.4% 50 $3 535.01 -1.36% 1.94% $424 450 793 358 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000194 0.06% -0.04% $104 524 593 624 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64% 80 $612.93 4.06% 5.41% $91 655 208 219 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 60.4% 88 $183.87 -1.70% 4.28% $81 714 371 355 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 83.2% 28 $0.614215 -1.52% -2.68% $33 710 727 268 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 93.6% 2 $1.000074 -0.01% 0.01% $32 492 535 488 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 70.4% 66 $0.214300 5.97% 33.42% $30 787 198 559 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 67.6% 66 $0.640124 -1.59% 1.35% $22 778 196 412 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 59.6% 87 $53.33 -2.25% -4.02% $20 127 136 651 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 58.4% 94 $0.000031 -1.21% 11.54% $18 130 400 221 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 56.4% 87 $4.82 -1.67% 9.28% $16 725 712 566 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 75.2% 49 $9.42 -1.36% 2.16% $13 443 984 853 DOT 7 days price change
14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 73.2% 58 $594.45 5.76% 45.07% $11 700 102 719 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 75.6% 42 $18.85 -4.45% 3.53% $11 064 692 457 LINK 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.