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.

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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.

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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.

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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.

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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.

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

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