The TRON (TRX) Price: Analyzing the Future Trend
The TRON (TRX) price has experienced a decline since its yearly high of $0.094 on July 22, confirming the $0.090 horizontal area as resistance. The current reaction to the ascending support line will play a crucial role in determining the future trend.
Key Points:
- TRON price reached a new yearly high of $0.094 on July 22 but quickly fell below the $0.090 resistance area.
- Currently, TRX price is trading at the ascending support line at $0.074, and a breakdown from this line could lead to a 14% drop to $0.065.
- If there is a strong bounce, the price could potentially reach the $0.090 resistance area again, resulting in a 20% increase.
- The weekly RSI reading is undetermined, indicating mixed signs and an unclear trend.
- The short-term six-hour timeframe shows conflicting information, with a bearish breakdown of an ascending support trendline, but a potential completion of the corrective wave count.
Hot Take: The TRON (TRX) price is at a critical juncture, with the reaction to the ascending support line determining the future trend. A bounce could lead to a 20% increase, while a breakdown may result in a 14% drop. Traders should closely monitor the price action and RSI reading for further insights.
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