TRX has remained locked in a large descending triangle, but its price must exceed USD0.091 to confirm the bullish trend. The upward trend in the overall crypto market might lead it to break through that level, making way for a significant rally.
Over the last few days, the overall crypto market has recovered as Bitcoin breaks through relevant resistance. Even though TRX, the native token of the Tron network, is no exception, it needs further gains to be bullish.
TRX is trading at around USD0.069 and has accumulated a 3.1% gain over the last week. Its daily trading volume is above USD 447.74 million, while its market capitalization is about USD 6.39 billion. It occupies 17th place in the cryptocurrency ranking, according to CoinGecko.
Weekly Technical Analysis of the Price of TRX
The weekly chart shows that the TRX token has a very encouraging scenario but still needs confirmation of the bullish trend.
The price of Tron TRX has remained locked in a large descending triangle following a significant bullish rally. It may rise significantly, depending on how the market behaves in the coming days or weeks.
This triangle might be the respite of the long-term trend for Tron. Its price must break the resistance at USD0.091 to confirm that the bulls have regained control.
That confirmation of the bullish trend may happen in a couple of months or weeks. However, the price has rejected low prices and defended support at USD0.055, indicating an optimistic outlook.
The scenario would become negative if the price of TRX lost its support at USD0.055. That would mean that the price needed a broader correction of the long-term trend.
Short-Term Predictions about the Price of TRX
The daily chart shows that the price of Tron (TRX) has remained locked between USD0.063 and USD0.070. However, the price is challenging this resistance level once more.
Due to the upward trend in the overall crypto market, it might break through that resistance this time. It would thus make way for a significant rally toward the USD0.090 area shortly.
If the price breaks the consolidation support level, there might be selling of up to USD0.055. Therefore, the demand zone around that price might defend the price again, indicating strong buying interest.
Meanwhile, Bitcoin is trading at around USD 23,631 and has accumulated a 5.0% gain over the last week. Its daily trading volume is above USD 57.71 billion, while its market capitalization is about USD 451.67 billion, according to CoinGecko.
The behavior of the crypto market, especially Bitcoin, determines how other cryptocurrencies will behave. TRX is just one example of the many participants in the ecosystem that the movements of BTC have influenced.
Regardless of how much investors trust a given asset, they must research before buying it. They should learn about its trading price, all-time highs and lows, trading volume, and market capitalization.
By Alexander Salazar
