Bitcoin
BTC$42 031.59

-3.48%

Ethereum
ETH$2 918.83

-5.04%

Tether
USDT$1.000459

-0.02%

Cardano
ADA$2.12

-3.86%

Binance Coin
BNB$341.96

-1.79%

XRP
XRP$0.930539

-2.70%

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


#TRON

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
Tron Is Heading for a Range
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
TRON (TRX) Price Prediction

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 79.2% 41 $42 031.59 -3.48% -2.59% $791 393 954 252 $31 747 117 181
2 Ethereum (ETH) ETH Ethereum predictions 70.4% 56 $2 918.83 -5.04% -3.78% $343 568 213 349 $17 440 054 934
3 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000459 -0.02% 0.01% $68 574 589 302 $69 040 305 714
4 Cardano (ADA) ADA Cardano predictions 65.2% 70 $2.12 -3.86% -2.03% $67 842 308 406 $2 790 874 402
5 Binance Coin (BNB) BNB Binance Coin predictions 72.8% 59 $341.96 -1.79% -7.48% $57 495 736 706 $1 499 392 995
6 XRP (XRP) XRP XRP predictions 74.4% 50 $0.930539 -2.70% -0.96% $43 472 608 125 $2 798 278 933
7 Solana (SOL) SOL Solana predictions 67.6% 68 $134.46 -7.35% -4.28% $39 991 503 535 $2 559 971 396
8 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $1.000432 0% 0.01% $31 274 186 323 $3 304 747 454
9 Polkadot (DOT) DOT Polkadot predictions 69.6% 68 $27.75 -3.90% -5.26% $27 404 751 396 $1 534 718 165
10 Dogecoin (DOGE) DOGE Dogecoin predictions 71.2% 63 $0.200627 -1.87% -6.10% $26 377 191 591 $850 603 349
11 UniSwap (UNI) UNI UniSwap predictions 67.6% 68 $24.35 1.57% 14.50% $14 894 976 126 $1 220 639 004
12 Avalanche (AVAX) AVAX Avalanche predictions 58.8% 84 $66.26 -7.62% 2.41% $14 596 076 840 $1 012 955 214
13 Terra (LUNA) LUNA Terra predictions 71.2% 60 $35.29 -4.09% 24.68% $14 110 398 958 $1 562 373 257
14 Binance USD (BUSD) BUSD Binance USD predictions 95.2% 1 $1.000438 0.02% -0.01% $13 532 008 893 $4 826 393 143
15 Chainlink (LINK) LINK Chainlink predictions 68% 70 $23.39 -2.95% -1.74% $10 644 298 254 $1 068 673 199

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

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

© 2015-2021 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.