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Tron (TRX) Analysis: TRX Breaks Down Below The Symmetrical Triangle Continuation Pattern

Nikhil Ingole by Nikhil Ingole
January 5, 2021
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  • Tron price remains on a positive momentum with the help of overall market conditions on Tuesday’s trading session
  • Tron price today is $0.0285 with a gain of 3.84% in the last 24 hours and 1.73% up from the previous week
  • TRX/BTC pair is performing negative with an overall loss of 6.19% on Tuesday’s trading session (0.00000090)

Source: Coinmarketcap

On the weekly chart, Tron was in a positive trend with modest price corrections in between. The price went down to $0.0267 on Jan 3, 2021 and recovered back up to $0.0321 on Jan 4, 2021. With an overall return of 18.36% to its investors within a day.

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Tron Technical Levels Can Face A Downtrend For Next Upcoming Trading Sessions

Source: TradingView

The weekly technical chart of TRX highlights a positive trend built by the coin with modest price corrections in between. A sudden spike in price movements can be seen from Jan 3, 2021. A symmetrical triangle continuation pattern is formed on Tuesday’s trading session. TRX successfully broke down that pattern for a downward movement with the resistance zone placed at $0.0293 and the following support zone of $0.0264.

If we dive into the weekly chart’s 30-minute time frame, A Belt Hold Bearish Candle is formed, which indicates a selling signal in the coin.

The Moving Average Convergence Divergence (MACD) had a crossover signal line indicating a selling signal in the coin. The histogram also started to form a few massive red bars after the crossover. 

Meanwhile, the Commodity Channel Index (CCI) with a value of -72.00 indicates that the coin is in a downtrend and in an oversold region. It formed a descending parallel channel from 189.00 to -72.00

Conclusion 

Tron (TRX) is currently struggling between its resistance and support zone with a positive trend from last week, and had a breakdown from the symmetrical triangle continuation pattern and can move in downtrend for the next few trading sessions.

Resistance:  $0.0293

Support: $0.0264

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Nikhil Ingole

Nikhil Ingole

Mr, Nikhil Ingole is a Chief Editor at The Market periodical with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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