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Price Analysis

Tron Up 6% Finding Resistance At $0.10, Can TRX Do A 2X To Over $0.20?



Tron cryptocurrency logo on paper

It can be misguiding to judge Tron because of its position in the crypto ranking.

At spot levels, logged at 26th in the market cap ranking, one may think that Tron lost its mojo, its stand, and position as one of the crypto giants.

This is just not true.

If anything, Tron is a high-profile project competing and outperforming project as a go-to gambling platform.

The project has a supportive system for dApps launching on its infrastructure. Moreover, TRX, being one of the earliest, is liquid, listed in many exchanges. Therefore, for its stand in the crypto scene, TRX is one of the most actively traded cryptocurrencies.

Tron Market Performance and Price Status

TRX is stable on the last trading day at the time of writing, adding six percent week-to-date versus the greenback.

Tron Daily Price Chart for October 8

Drilling in on the technical performance in the daily chart, it is evident that TRX prices are bullish. However, they are subdued without any defining bull bar to mark the presence of buyers in the last few trading days.

Still, TRX/USDT prices are above the middle BB, a dynamic support line, and trading volumes are decent.

Nonetheless, for the trend to shift in favor of buyers and TRX bulls to climb even higher, there must be a resounding break above $0.10—or September 20 highs.

The expected wide-ranging bull bar also ought to have high trading volumes that might provide the tailwinds for further gliding to $0.12 in the medium term.

For traders, this is critical from an Effort versus Results perspective, unwinding bears of late September.

Once it pans out, the trend will shift to align the trend of July and August in a buy trend continuation pattern.

Tron Looks Spicy “As Long As Bitcoin Behaves”; TRX to $0.11

One trader on Twitter thinks TRX bulls are in control, and $0.11 isn’t far-fetched but provided Bitcoin bulls behave.

Per the observer’s assessment, Tron bulls are in control. However, the accelerant above immediate resistance levels depends on BTC prices further printing higher.

The trader’s preview holds true. There is a direct correlation between Bitcoin and altcoins, including TRX.

Therefore, as long as BTC prints higher, defying gravity, altcoins would benefit from the capital influx, printing higher in sync.

Accordingly, this may provide the necessary push above $0.11—September 2021 highs—continuing the rapid gains of early Q3 2021.

TRX in an Expanding Triangle, Path to $0.14

Another trader on Trading View observes that the TRX price is within a widening triangle.

Tron to $0.14

Therefore, though prices were under pressure in the last six weeks, the current resurgence might be the catapult for $0.014 in the medium term.

Notably, TRX prices have closed above a key resistance trend line within the expanding wedge, presently finding resistance at $0.10.

A break above $0.10 would accelerate the upswing to $0.12 and $0.14, depending on the rapidity of the uptrend.

TRX/USDT “Cup and Handle Formation” for $0.23

Meanwhile, another trader thinks TRX/USDT prices could more than double once bulls overcome $0.10.

He picks out a cup-and-handle formation in the daily chart. A close above $0.12—recent highs—would complete the next wave, driving TRX to $0.23.

Chart Courtesy of Trading View

Disclaimer: Opinions are those of the author and are not financial advice. Do your research.

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

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