TRON (TRX) hit a new high for the year

Since January 24, TRON (TRX) has been going up. On March 31, it hit a new yearly high.

When the price of TRX hit an all-time high of $0.18 on April 17, 2021, it fell below a descending resistance line. On June 22, the price fell to $0.046.

On Nov. 15, TRX bounced back, but it made a lower high than it did before. This made the descending resistance line work (red arrow).

After the following drop, TRX bounced (green icon) at the $0.052 horizontal support area and started moving up.

At $0.10, the next level of resistance is. Fib retracement resistance: This is the 0.382 Fib retracement level, which is where the descending resistance line meets up with.

Ongoing TRX breakout

It looks like TRX has broken out of the $0.0715 resistance area, which had been there since January 16. Finally, the price broke out after three failed attempts to get it.

Since Jan 24, a rising parallel channel has been in place. Then, the price hit the resistance line of the channel. A breakout above this point would be expected to speed up the rate of growth.

There are also good technical indicators in the daily time frame. They think there’s a chance that the price could break out of the channel and keep going up to at least $0.10.

Wave count analysis

Trader @AltstreetBet tweeted a chart of TRX. He said that he expects the upward movement to speed up in what is likely wave three.

It looks like TRX has been going up again since the tweet. This could be the third wave of a five-wave upward movement (black) that started on Jan. 24 and has been going up since. Measure the length of wave one, and wave three should be at least $0.09. It might be able to reach the descending resistance line.

After that, wave five could break through the line and go all the way to the $0.125 resistance area. This is what could happen.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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