TRX is hovering above major weekly resistance

TRX is about to break out of the long-term resistance area which stands at $ 0.043.

The TRX is expected to successfully close above this resistance and gradually move towards the goals described below.

TRX long term breakout breakout

TRX has been on an upward trend since hitting a 3-year low in March 2020.

Despite the sharp rise, TRX still has to close weekly above the resistance of $ 0.043 that has existed since May 2018. Up to this point, TRX has made 4 unsuccessful breakout attempts.

However, the TRX is currently above the above resistance and appears close to closing above it.

When price moves above this zone, the closest resistance areas are found at $ 0.065 and $ 0.10.

TRX diagram | Source: TradingView

Current move

The daily chart supports this likely scenario.

First, we can see TRX moving above the resistance area confirming it as support in the daily timeframe.

In addition, the technical indicators are bullish. This becomes particularly clear when a bullish cross occurs in the stochastic oscillator (blue circle) and the RSI is above 70.

Hence, TRX is expected to rise to the resistance levels at $ 0.065 and $ 0.1 described in the previous section.

TRX diagram | Source: TradingView

Counting TRX waves

Trader Altstreet Bets outlined the TRX chart, which has a top target near $ 0.10.

pic.twitter.com/MOoa7ybbln

– Altstreet betting (@AltstreetBet) February 9, 2021

The wave number shows that TRX is within the extension of wave 3 of a bullish impulse that began in March 2020.

The most likely top target of the move up is between $ 0.092 and $ 0.093, which will create a 1: 3 wave of 1: 1.61. In addition, it is also the outer fib retracement level of 2.61 for wave 2.

The number of partial waves is displayed in orange. A drop below the sub-wave top at $ 0.039 invalidates that particular wave number.

TRX diagram | Source: TradingView

TRX / BTC

On January 8, 2021, TRX / BTC hit a low of 72 satoshis. It has risen steadily since then and is currently trading at 102 satoshis.

Technical indicators provide mixed signals. While the MACD and RSI are rising, the stochastic oscillator has formed a bearish cross.

The next areas of resistance are at 144 Satoshi and 270 Satoshi.

TRX diagram | Source: TradingView

The 6 hour chart supports the possibility of an upside move as it shows a breakout and retest of the 98 Satoshi resistance area.

Hence, TRX / BTC is expected to be headed for 144 Satoshis.

TRX diagram | Source: TradingView

Conclude

TRX / USD is expected to confirm a break out of the USD 0.043 resistance area and gradually move towards USD 0.065. It will likely climb near $ 0.10.

TRX / BTC is expected to head towards 144 Satoshis, although the long-term trend remains unclear.

You can see the TRX price here.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

According to Beincrypto

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