TRX price may rise in the next few days

Tron price has completed a short-term bullish pattern and is making a third attempt to rise above an important resistance level.

 

TRX / BTC pair analysis

 

The TRX price has been moving along a descending resistance line since February 24, and is currently trading only slightly lower. Price has been rejected by this line four times since.

Daily TRX / BTC chart | Source: TradingView

 

However, the latest movement is flashing a bullish signal. TRX initially lost the support area of 170 satoshi, but the price regained this level, confirmed it as support and started a move up.

 

However, even if the price breaks out of this resistance line it still faces resistance from the 200-day moving average (MA), which has refused to move up in price on June 8. After that, the next closest resistance area is found at 205 satoshi.

 

Analyst TheEurosniper explained that the price of Tron could soon exit and head towards the 210 satoshi range. This area is only slightly higher than our resistance level because TheEuroSniper is using a longer time frame.

Source: Twitter TheEurosniper 

TRX / USD pair analysis

The TRX / USD chart shows that the price is trading very close to the resistance zone of $ 0.17, which is also the Fib 0.5 level of the entire decline starting February 14th. While the price has moved upwards, This area on June 7, it continued to fall below this level shortly thereafter. Therefore, the current move may be the way the price confirms this support zone again.

 

However, the 50 and 200-day MA has created a golden cross and are supporting the price. This shows that prices can start an uptrend in the future.

 

For price action to be considered bullish, TRX must reach a close above the next resistance level at Fib 0.618 ($ 0.192).

Daily TRX / BTC chart | Source: TradingView

The short-term chart shows that TRX is moving in an ascending support line that has been in place since May 11. During this period, the price has completed a double bottom pattern combined with a bullish divergence in the RSI indicator.

 

Therefore, the price is expected to break above the minor resistance of $ 0.165 and reach the monthly high of 6 at $ 0.185.

6-hour TRX / BTC chart | Source: TradingView