Tron price prediction: TRX to ascend towards $0.32, analyst
3 min readTL;DR Breakdown
- Tron price prediction expects a rise to $0.32 in the longer run.
- Strong resistance currently lies at the $0.035 mark.
- Strong support currently lies at the $0.0.025 mark.
The Tron price prediction by the Trading View analyst Tolberti shows that the TRX price is going to move into a long position towards the $0.21 mark. Per the analyst, the price is going to see a major breakout soon. The cryptocurrency has been traveling inside a falling triangle pattern.
On the 2nd of February, the TRX price observed a gradual ascending move towards the $0.0335 mark. The price seems to have come to a rest near the $0.033 level.
1-Day Tron price analysis
The TRX price observed a descending move on the 1st of February after it fell towards the $0.032 level. The cryptocurrency gradually moved towards the upside and drew an ascending slope towards the $0.0335 level on the 2nd of February. The TRX price is at $0.033, while the highest price in the past 24-hours was recorded at $0.0335, whereas the cryptocurrency’s price fell to a low of $0.0322. Currently, TRON’s market cap is at $2,357,048,638, with a rank of 21 in the list of cryptocurrencies.
15 out of 26 of the technicals show a buy signal for the TRXUSD pair, while eight stand neutral and three show a sell signal. Two out of the 11 oscillators depict a buying indication while seven stand neutral, and the remaining two show a sell signal. As for the moving averages, 13 show a buying indication while one stands neutral and depicts a selling indication.
The upper Bollinger band is being tested by the TRX price near the $0.033 level, which means that the cryptocurrency might see a continued bullish momentum if it does not turn bearish soon. On the 1D time frame, the midline of the Bollinger bands is acting as the support.
Tron price prediction: What to expect?
Trading View analyst Tolberti believes that the TRXUSD pair will ascend towards the $0.21 mark in the long term after it completes the breakout above a falling triangle formation.
Per the Tron price prediction, the cryptocurrency broke above a falling wedge pattern in Q2 2020, after which it entered a falling triangle pattern. The TRX price is testing the upper boundary of the symmetrical triangle; if a breakout occurs here, the analyst believes that the price will rise towards the $0.2145 mark. The stop-loss is marked at $0.0211 for this setup.
The Trading View analyst Brezcasni believes that the cryptocurrency will move into a long position towards the $1.45 mark. Per the Tron price prediction, the cryptocurrency will test and break through the resistance levels at $0.1 and $0.3.
Analyst Hood Squirrel believes that the TRX price has been suppressing for the past six months, and it is bound to see an upward breakout from this suppression zone soon. The analyst discussed that the cryptocurrency has ignored the altcoin season for this month and even for November 2020, which is why Tron might see a breakout once this accumulation comes to an end. The Tron price prediction depicts that the cryptocurrency will rise towards the $0.32 mark after this breakout.
