As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market cycles and trends. The current state of Tron (TRX) price is a classic example of a potential reversal pattern – the rising broadening wedge. This pattern has been a reliable predictor of trend changes in the past, and it seems to be signaling that TRX might be due for a correction.
This month, the value of Tron (TRX) has faced a squeeze, dropping by approximately 5.70% from its year-to-date peak. On November 7th, TRX dipped to $0.1612 and may continue to decrease if it breaks below the lower boundary of the widening ascending triangle pattern.
Tron Price Could Dive Soon
The prolonged upward trend for TRX’s price may come to an end if the bulls fail to maintain a crucial support point.
On the day-to-day graph, the asset appears to be shaping a widening upward channel, a frequently used indicator of a potential reversal in technical analysis. This pattern is defined by an ascending line linking multiple lower peaks and another line connecting some upper peaks.
Consequently, it’s crucial for Tron investors to keep the Tron price above its current support level, which aligns with the significant reversal level of the Murray Math Lines and the 50-day Exponential Moving Average (EMA) in the upcoming period.
If the price dips past that particular point, it would indicate the bears have taken control, potentially causing it to fall as low as $0.1462 – a level last seen on September 6 and marking a nearly 10% decrease from the current position. This key resistance-support pivot is significant, and this potential drop value is slightly above its highest swing in February of this year, at around $0.1450.
If Tron surpasses the Resistance level at $0.1647 (which is a Weak, Stop & Reverse point), it would render the TRX price prediction invalid and bring the upper boundary of the wedge formation into focus at approximately $0.17.
Justin Sun Is Bullish On TRX And Crypto
Currently, Tron’s creator, Justin Sun, is expressing optimism that Tron, along with other cryptocurrencies such as Ethereum, will recover shortly. He attributes this potential recovery to an improving overall economic climate, suggesting that investors should consider purchasing more and strengthening their holdings.
This week’s most significant development is the election of Donald Trump as U.S. President, opening up the prospect of favorable regulations. He referenced these policies in his congratulatory message to Trump on Wednesday.
Justin Sun has long been optimistic about Tron, which has emerged as a leading player in the crypto industry. According to Tronscan, Tether on Tron has over 55 million users and had a trading volume of almost $70 billion on Wednesday. On average, USDT on Tron handles similar or even higher volumes than companies like Visa and Mastercard.
The challenge for TRX price, however, is that its Sun Pump ecosystem is not doing well, with the total market of all coins falling to $233 million.
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2024-11-07 20:04