TRX Technical Analysis: Will Tron Prices Crash 20% This Month?

TRX Technical Analysis shows a rising wedge pattern in the daily chart teasing a bearish breakout to retouch the bottom support at the $0.055 mark. Key Technical Points: TRX price action shows a diminishing range in the rising trend. The price action shows a double bottom Pattern formation at the $15 mark The 24-hour trading volume of Tron is $604 Million, indicating a drop of 2.58%. Past Performance of TRX The bullish reversal from the $0.055 mark accounts for more than a 20% jump in the TRX market value. However, the bullish trend forms a rising wedge pattern which increases the likelihood of a breakout shortly. Additionally, the higher price rejection in the daily candles projects the idea of a bearish breakdown. Source – Tradingview TRX Technical Analysis Over the last three days, the 5.50% bullish jump in the TRX prices approaches the resistance trendline leading to the long-wick formations. Hence the price action analysis takes a bearish standpoint indicating a potential bearish breakdown of the rising wedge pattern. The bullish trend in the fast and slow lines of the MACD indicator approaches the zero line with an increase in the bullish spread. Hence, the MACD indicator displays a rise in the underlying bullish sentiments and keeps an optimistic point of view. The RSI indicator shows a Gradual increase in the underline bullishness as the RSI slope surpasses the Halfway line. The bullish continuation comes after taking ...