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Price Analysis

Tron Bulls May Slam the Brakes on Sellers, TRX Resistance at $0.12



crypto price analysis

Tron has been through the rough seas and came out better. Though its valuation took a beating, it is safe to say the project is one of the most actively used.

Because of their initial marketing drive, Justin Sun’s fearless stunts, and its value proposition, Tron has carved out a decent market share in gaming.

Tron Market Drivers, Performance, and TRX Price Status

Most crypto projects launching would consider Tron a better layer-1 alternative because of its high throughput and thus low trading fees.

These are features Tron rides in establishing its DeFi and NFT markets. Because of the project’s ambitions and activity, analysts are convinced Tron is winning the blockchain war in Asia.

This is based on the number of USDT transactions, which is expected to rise as Gas fees in Ethereum are excessive.

A look at Tron pricing, however, reveals another story. The TRX/USDT pair is in stasis, and prices flat-lining below the $0.10 level.

Tron Daily Price Chart for October 15

As of writing, TRX is stable versus the greenback but bullish from a top-down approach.

While TRX/USDT prices may be consolidating, traders are hopeful of what lies ahead.

For instance, they expect a close above $0.10 to trigger the next wave of higher to $0.12 in a buy trend continuation.

However, if TRX prices take a turn for the worst and bears take over, a close below the $0.01 trade range in distribution may see the coin crumble to $0.08.

Will TRX/USDT Bullish Waves Propel the Coin to $0.22?

On Trading View, a trader is confident of Tron.

Per the analyst’s view, TRX prices could more than double to $0.22 in an A-B-C-D wave pattern based on candlestick arrangement in the weekly chart.

Tron to $0.22

In that case, TRX/USDT prices would trade within a bullish breakout pattern past the resistance trend line presently capping ambitious Tron bulls.

Ideally, a high volume close above recent resistance levels would set the foundation for the swing higher.

On the reverse side, if bears flow back, a crash below $0.08 may trigger a deep sell-off.

This, the analyst predicts, would push TRX to the brink back towards $0.05—flashing with H2 2021 lows– and later $0.01—a multi-month support line.

Is the Bitcoin Expansion Trimming Tron Gains?

Another trader on Trading View thinks Tron is under pressure as per the analysis of the weekly chart.

Therefore, while TRX bulls are optimistic, the resurgence of BTC prices could further heap more pressure on Tron.

Tron under pressure by Bitcoin rise

Nonetheless, the coin will remain bullish as long as $0.08 holds as the primary support.

The level flashes with a critical support level and is a closely watched reaction point by traders.

Even so, there would be a shift in fortunes for TRX/USDT if there is a solid gain above $0.12—September 2021 highs, setting the tone for $0.14 in the medium term.

The $0.12 is a massive Neckline for Tron Bulls

At present, TRX prices may be wavy.

However, the retracement from the 61.8 percent Fibonacci retracement cooled off bulls, forcing correction lower to spot rates.

A trader on YouTube thinks TRX’s trend would be defined once there is a close above $0.12—September 2021 highs.

After that, the coin would most likely surge to $0.17—presenting an opportunity for swing traders.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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

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