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TRON Price Analysis: Classic chart pattern emerges in TRX/USD

  • TRON trades 0.50% higher as some of the crypto majors suffer.
  • There is a chart pattern and when it breaks it could help forecast future movements.

TRX/USD 1-hour chart

TRX/USD has taken a dive in recent days falling from 0.01832 to around 0.01521 today. The bearish price action has been consistent with the market making lower highs and lower lows. Now the market has consolidated somewhat, there has been a higher low and higher high wave made. It seems the bulls are rejecting the 0.0150 psychological area. If the market does break higher then the red horizontal 0.0162 resistance zone could come into play. If the pattern breaks lower then the low of 0.01409 and there could be another tussle for support there too. On the daily chart, the larget base pattern low is at 0.01216, so if the bears regain control there is a longer-term target.


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