TL:DR Breakdown
- Tron price prediction expects TRX to enter the buy-zone territory.
- Current support persists at the $0.0285 mark.
- Bullish momentum eveident.
The TRON price prediction by Rocket Bomb suggests a rise towards the $0.035 mark. In the analyst’s opinion, the cryptocurrency will soon rise after entering the buy-zone marked on their chart. The cryptocurrency observed a bullish momentum and roses past the $0.0286 level on the 12th of December.
1-Day TRON price analysis
The cryptocurrency formed an ascending slope on the charts for the 11th and the 12th of December. The cryptocurrency jumped past the $0.028 mark in the afternoon of the 12th of December. At the time of writing, the altcoin was priced at $0.0282 at the time of writing. At its highest during the daily trade, the TRX price reached the $0.0287 mark, whereas the lowest price for the day was $0.0274. The overall trend for the cryptocurrency was bullish.
TRON concludes falling triangle pattern
TRX has formed a falling triangle, which is a bearish pattern. The analyst believes that the price will break below the triangle and move towards the $0.022 level.
The Relative Strength Index (RSI) recently returned from the oversold region, while the trade volume saw a huge increase as we can see from that green candle stretched on the chart above. The cryptocurrency had broken above the falling trend line on the 12th of December, though this breakout is yet to be confirmed. This may be a fake-out unless the cryptocurrency closes above the falling trend line. This idea is still in play, and the cryptocurrency will have to break below the stronger support at $0.027 to complete this idea.
Tron price prediction: Rise ahead?
The cryptocurrency has been riding a very long ascending channel from Q1 2020. The analyst believes that the cryptocurrency is currently about to enter a buy-zone, and then it will see a rise towards the $0.035 mark.
We can see multiple falling edge/triangle patterns on the chart above, and they’ve caused the price to return towards the ascending channel at multiple instances. The cryptocurrency has been on an uptrend since March on the bigger time frame. The chart shows that the TRX price will break across the third falling wedge pattern once the trade volume increases in the buy-zone. This breakout will cause the price to rise towards the $0.035 mark, which is where The take profit zone lies for this cryptocurrency.
What to expect from TRON?
An idea for the TRXUSD pair by the analyst Parsa Movahhedi suggested that the cryptocurrency will return towards the $0.028 level before seeing a rise towards the 0.786 retracement level.
If this trade should continue moving per the idea, the price will bounce from its current ascending support structure and move across the $0.045 level. Per the analyst’s chart, this rise will be steeper than the preceding descent. If the cryptocurrency can break out the $0.036 resistance, it will continue to rise towards the $0.05 mark without retesting any support, per the analyst. This idea is still in play.
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