Tron (TRX) price moves towards massive 2-year resistance
Tron’s price is facing long term resistance at $ 0.043, and is supported at $ 0.024.
The TRX broke a descending resistance line.
It is probably in an extended wave 3.
Tron (TRX) has been trading below resistance at $ 0.043 for over two years.
The price of Tron is expected to gradually rise and attempt to break through this resistance again.
Long-term resistance of Tron
The TRX has been trading below the resistance of $ 0.043 since June 2018. This is also the 0.382 fibonacci retracement of the last descending move to date. So far, the TRX has attempted to break through this resistance four times without success, the most recent dating back to November 2020.
If it does manage to break through it, the next resistance would be at $ 0.066, which is the 0.618 fibonacci retracement level of the entire previous bearish movement.
That said, the technical indicators are neutral and fail to confirm a passage of resistance.
The daily chart shows a strong support area at $ 0.024. The latter was last tested on December 23, and has catalyzed the current upward movement.
Unlike weekly data, daily technical indicators are clearly bullish. This suggests that the TRX should likely move up and try again to break above the long term resistance at $ 0.043.
Cryptocurrency trader @Bleeding_Crypto presented a chart of the TRX, saying the next upward move could take it up to $ 0.05
The information provided by the daily data supports this possibility. The six hour chart also indicates that the TRX broke through a descending resistance line and then validated it as support.
The closest resistance zone is at $ 0.033. If the TRX manages to regain this area, its rise will likely accelerate.
The wave count suggests that the TRX would have potentially completed waves 1 to 2 of a long-term bullish pulse (white below) and is currently in wave 3.
A possible target for the top of the move would be between $ 0.092 and $ 0.093. This margin is obtained by projecting the length 1.61 of the wave (fibonacci level in white) and the external 2.61 retracement of wave 2 (fibonacci level in black).
The sub-wave count is shown in orange. The TRX appears to be in sub-wave 3.
A decline below the low of Subwave 2 (red line), at $ 0.023, would negate this wave count.