VET price has increased 50% since May 22 after breaking out of the long-term descending resistance line. The price movement of TRX is similar to that of VET, it is likely that it will start a similar up move.
Trader RookieXBT has outlined a chart comparing movement of VET and TRX, showing a similar descending resistance line for both currencies.
“I think TRX is about to take an action of its own. This is a comparison between VET and TRX. Don’t forget Tron”
Since May 22, VET has increased by 50%. On May 25, the price broke out of a long-term descending resistance line, accelerating its pace of increase.
This breakout is led by a long-term double bottom – a bullish reversal pattern – combined with a bullish divergence in the RSI.
At the time of writing, VET price is trading in the resistance level at 72 satoshi, with the next resistance area found at 82 satoshi. Price has created a long upper shadow, a sign of selling pressure.
Therefore, VET may decline and seek support at 60 satoshis before making another bullish move.
TRON has been following a descending resistance since February 14 – currently touching it a fourth time. While the price created a long high above this line yesterday, the price continued to fall and fall below it. In addition, the resistance line coincides with the resistance level of 175 satoshi.
TRX prices have created bullish divergences throughout May – an indication that prices may breakout. If so, the nearest resistance will be found at 200 satoshi.
In the short term, the price has broken above the 167 satoshi area as a support, along with the moving averages of the MA 50 and 200 periods which are about to create a bullish cross. The price fell below this level and the MAs yesterday, but created a long lower shadow – a sign of buying pressure.
Therefore, prices are expected to rise and break out of the long-term resistance line in the short term.