After months of inexpressive bullish price action, TRON (TRX) had performed a decisive break outside the boundaries of a huge descending triangle that had been forming for nearly a year.
Frankly speaking, TRX has become something of a surprise for many traders because of the intensity with which the price had taken on the macro resistance at $0.024, which we predicted to be the point of the breakout from the multi-month descending triangle formation.
1-week TRX/USDT chart
On the weekly chart above, we see a textbook example of resistance conquest that came on the back of the rising bullish volume and the corresponding momentum, confirmed by MACD and RSI. Then TRON has had a traders’ remorse that only confirmed the new price level, upon which the price has literally exploded to the upside and reached $0.05, a 96% gain in a week, though it was immediately rejected back to $0.31, at which point, the September dump has occurred and dragged the price down by 20.2% against USD, 28.5% against BTC, and 24.8% in the ETH market.
TRON is perceived by many as a blockchain network that is rival to Ethereum in terms of its dApp developing properties, but TRX has been losing to ETH on all time scales: - 19% in a year and - 8.57% in the past 7 days, and clearly appears more bullish on the comparison chart below.
TRX/ETH comparison chart
Here we see that the price has found a resilient support area at $0.025, as it has already tested it three times, which is more than enough to consider it the potential point of reversal, following weeks of selling pressure that drove TRX inside the symmetrical triangle, which is generally perceived as a bullish continuation pattern.
The showings of key indicators lead us to believe that TRX is going to break that symmetrical triangle to the upside in the next week or two.
All in all, TRON probably has one of the most bullish outlooks among the other altcoins from the top 20, along with Ethereum and Polkadot, so we fully expect it to go above $0.05 by the tail end of the year.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||76%||49||$49 177.82||-7.92%||-10.53%||$929 035 044 566|
|2||ETH||Ethereum predictions||82.8%||34||$4 092.88||-2.38%||-0.69%||$485 446 527 829|
|3||BNB||Binance Coin predictions||81.2%||30||$563.52||-4.86%||-7.33%||$93 995 664 394|
|4||USDT||Tether predictions||95.6%||1||$0.999981||-0.03%||0%||$74 156 265 433|
|5||SOL||Solana predictions||72%||60||$203.61||-3.36%||4.31%||$62 231 324 330|
|6||ADA||Cardano predictions||67.6%||67||$1.42||-8.66%||-8.56%||$47 386 208 203|
|7||XRP||XRP predictions||71.2%||64||$0.847073||-8.28%||-10.87%||$40 021 926 228|
|8||USDC||USD Coin predictions||96%||2||$0.999590||-0.04%||-0.01%||$39 871 779 233|
|9||DOT||Polkadot predictions||61.6%||74||$29.29||-12.73%||-17.58%||$28 929 753 364|
|10||LUNA||Terra predictions||68%||62||$74.10||13.99%||67.51%||$28 735 392 986|
|11||DOGE||Dogecoin predictions||62.8%||71||$0.178634||-10.26%||-13.05%||$23 648 648 660|
|12||AVAX||Avalanche predictions||64%||74||$92.34||-12.64%||-18.20%||$22 411 255 216|
|13||SHIB||SHIBA INU predictions||63.6%||73||$0.000037||-7.81%||-5.02%||$20 467 328 342|
|14||CRO||Crypto.com Chain predictions||58.4%||83||$0.605372||-3.98%||-24.08%||$15 293 531 006|
|15||MATIC||Polygon predictions||69.6%||59||$1.99||-10.33%||22.67%||$13 980 255 925|
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.