Tron Could Be Ready For $0.1 After Hard Fight, Here Is Why?
October 05 2022 - 11:00AM
NEWSBTC
TRX price could be ready for a short-term relief rally as the price
breaks out from the downtrend, creating more bullish sentiment for
a recovery. TRX looks strong on both low and high timeframes.
The price of TRX breaks out on the daily timeframe after forming a
descending triangle. Tron (TRX) has struggled to remain bullish
against tether (USDT) after seeing its price rejected from a region
of $0.11 on several occasions to trend higher. Tron (TRX), despite
being loved by the Tron community, the token has had its fair share
of the current bear run coupled with the rumors of its decoupling
from its pegged fiat token USSD. With the current market
looking more promising ahead of more relief bounces from altcoins,
we could see the price of Tron (TRX) making moves. (Data from
Binance) Related Reading: Bitcoin Pound Sterling Volume Soars To
ATH Amid Currency Crisis Tron (TRX) Price Analysis On The Weekly
Chart The new month has come with more relief for most crypto
projects, with altcoins, such as BTC, ETH, and even XRP, continuing
to show strength after weeks of downtrend movement. The price
of TRX has struggled to remain bullish, falling from a high of
$0.11 to a weekly low of $0.05, with the price looking more stable
as the price looks ready to bounce off from this region.
After hitting a bottom low of $0.05, the price of TRX bounced
swiftly from that region as the price rallied to a high of $0.07 as
the price faced more rejection to flip this region into a support
zone for TRX price. The weekly price for TRX closed bullish
ahead of a new week, with the price opening with a more bullish
sentiment. If the price of TRX continues to maintain this
structure, we could see a retest of the $0.1 area. Weekly
resistance for the price of TRX – $0.1. Weekly support for the
price of TRX – $0.06. Price Analysis Of TRX On The Daily (1D) Chart
On the daily timeframe, the crypto market cap price remains
bullish, holding the support at $850 billion ($850B); this has
helped most altcoins, including the price of TRX, as it shows more
strength to rally. The price of TRX broke out of its descending
triangle on the daily timeframe, with the price ready for a rally
to $0.1-$0.11. Haven reclaimed the 8 and 20-day Exponential
Moving Averages (EMA) after flipping this into support for TRX
price. We could see the price rallying high if the BTC remains
stable. The price at $0.061 corresponds to the values of 8 and
20-day EMA acting as support. Daily resistance for the price of TRX
– $0.07-$0.1. Daily support for the price of TRX – $0.06-$0.055.
Related Reading: Polygon Spikes 6.5% In Last 24 Hours As MATIC
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