TRON (TRX) Stays On a Slow Course to the Upside

August 10, 2020   TRON

Even though TRON hasn't been overly impressive in the post-crisis period, it continues to demonstrate a stable and persistent growth during the past four months. The last 30 days have been especially fruitful for TRX since it gained 22.3% in the USDT market while remaining at the level with Bitcoin. 

6-month TRX/BTC comparison chart

With DeFi currently being at the center of attention, TRON has fallen to the wayside with its platform for decentralized apps lately, with only news headlines that mention the 16th cryptocurrency being devoted to the personality of a slightly self-obsessed Justin Sun and the COVID-19 grant. But that should be the least of traders' worries because the price stays on the right course, which is to the upside. But the period of calm bullish price action might be coming to a close since TRON is now facing two firm resistance levels at $0.19 - $0.2 and $0.22 - $0.23, the resolution of which could change the entire disposition in this market.

TRON might be up for a tough test at the resistance


First, let's analyze the weekly chart, where we laid out the most important areas of price interaction.

  • $0.0134 is the macro support to which the price resorted in the times of correction;
  • $0.0195 - the first of the two resistance levels that stand in TRON's way to the secondary uptrend;
  • $0.0223 - the ultimate resistance for this cycle of price action that also constitutes the top of a significant rally that occurred at the beginning of 2020.

1-week TRX/USDT chart

We see that TRX is already dealing with $0.0195, and from the looks of it, that level is going to be breached over the coming day or two. The bullish trading volume has been kicking into gears for the past two days when the price was approaching the roadblock, which is a definite prerequisite for a more decisive bullish action.

  • MACD has almost made its way into the bullish zone, as both its moving averages are drifting apart on the back of an increasing green histogram;
  • RSI also looks quite healthy on its way to the upside that commenced right after the market collapsed. The indicator is now at 60, which is a neutral area, so the bulls still have plenty of room to push to the upside.

ATR, on the other hand, is close to reaching the extreme lows; therefore, one shouldn't expect increased volatility and corresponding gains on the part of TRX in the coming weeks.

Our mid-term TRX price forecast is that the altcoin will keep on plodding to the upside methodically in moderate upswings until it meets $0.223 where the bears will apply increased pressure to prevent the secondary uptrend. However, it will also be broken to the upside, probably after some consolidation.

Bitcoin seized the initiative


The situation in the pair with Bitcoin, however, is far less optimistic for bullishly-minded TRX traders, mostly because of the latest revival of the first cryptocurrency.

1-day TRX/BTC chart

The nice-looking uptrend that commenced after the reversal on May 18 had been brutally disrupted at 200 satoshis and pressured back to the long-standing resistance at 169 sats. As you can see, all indicators are bearish, so if Bitcoin persists in its strive to the upside, TRON's descent to 152 - 155 sats is imminent.

Author: Alex Paulson for Crypto-Rating.com
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