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TRON (TRX) Price Analysis: Is the Long Awaited Breakout Here?

TRON (TRX), the 15th largest cryptocurrency by market cap, has been showing some improvements lately to traders’ delight. In the past seven days, the coin gained up to 35% in value and 34.6% in the last fourteen days. 

The almost three years old crypto-asset reached seven days high of $0.03039782. All the progress of the coin has not gone unnoticed on the yearly scale as it gathered a gain of 52.4%. Even with all the gains that have been recorded, traders want more. If it is going to happen, and when it will happen, is the question on everyone’s mind.

TRON (TRX) Price Prediction

TRX/USD

At the time of writing, TRX is trading within an ascending triangle, with a price war tossing the coin between $0.0277 and 0.0272. There is an indication that there may be a breakout with the trade going on within an ascending triangle. If prices break out to the upside, traders can then look forward to the coin price, hitting the $0.028. 

Prices may also breakout to the downside. If it does, then it could drop to as low as $0.025. At the time of writing, TRX is worth $0.027. Unfortunately, the coin is experiencing a large sell-off that may threaten the price.

  • Key Resistance Levels: $0.028, $0.029, $0.032.
  • Key Support Levels: $0.022. $0.023, $0.25.

Speaking of support levels, the $0.025 support level is a short-term support level that has remained for some days. Currently, this support level does not look threatening but could be if there is a breakout to the downside. If it gives way when tested, the prices are sure to drop further, past $0.024, maybe and test the $0.023 support level. 

If the $0.023 support level is broken, then the price may come back to its long $0.022 long term support level. This support level is important because if tested and broken, the coin may fall lower than its seven days all-time low $0.022.

Major price breakout may also see TRON break the $0.028 resistance and test the $0.029 support level. If conditions are right and enough bulls are seen, then the price of TRX could break the $0.029 resistance level and test the 0.032 resistance level. 

See Also: Moon Boy WAVES is up Over 100% in Seven Days: Key Levels to Watch Now

 

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