Tron (TRX) has broken out above a long-term resistance area that previously existed for more than two years. It is currently consolidating in anticipation of a further upward move.

There was also a Tron pool on May 8th More in PancakeSwap so users can stake out CAKE to get more TRX.

Long term level

In early April, TRX broke out above the long-term $ 0.09 zone that had acted as resistance since early 2018. It returned to confirm the zone as support on April 23 and has risen since then.

The token continued to rise until it hit a high of $ 0.182 before being rejected. The technical indicators on the weekly timeframe are still bullish despite the RSI falling below 70.

The next resistance is at $ 0.205. It was created by the all time high of the week closing in 2017.

Weekly TRX / USDT Chart | Source: TradingView

Count waves

Trader Altstreetbet sketched the TRX chart, indicating that an uptrend has started and will bring the price to a new all-time high.

Source: Twitter

The number of waves indicates that the price may just begin the fifth and last partial wave of the third long-term wave (white).

However, it still appears to be within subwave four (orange), which has evolved into a triangle.

The two most likely levels for a high are $ 0.228 and $ 0.29, respectively.

Daily TRX / USDT Chart | Source: TradingView

TRX / BTC

In early April, TRX / BTC moved above the Satoshi area of ​​222 and subsequently confirmed it as support.

The closest resistance is at 315 satoshis created by the 0.618 Fib retracement level of the recent decline.

The technical indicators are bullish and support the possibility that the pair will hit this one and break out. This is particularly evident from the potential bullish divergence of the RSI. In addition, the stochastic oscillator is preparing for a bullish cross (green arrow). If so, the next resistance will be found at 465 satoshis.

TRX / BTC daily chart | Source: TradingView

Conclude

TRX / USD is expected to break the current pattern and climb to new all-time highs.

TRX / BTC is expected to hit the Satoshi resistance area of ​​315 and eventually break out.

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.

SN_Nour

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