A look at the Weekly chart for Tron shows that price is following a descending support line.
Price is currently trading at $0.026, slightly below the resistance area of $0.028-$0.030.
Price is trading above the 7 period moving average but below the 21.
No bullish cross has occurred yet.
The MACD is moving up with strength but is not positive yet.
A look at the 3-day chart shows that price tried unsuccessfully to break through the resistance by the Ichimoku cloud at $0.03.
The 7 and 21 period MAs have made a bullish cross. However, there is bearish divergence developing in both the RSI and the MACD.
A look at the Daily chart provides a clearer view of price movements.
We can see that there is an even more pronounced bearish divergence in both the RSI and the MACD.
Furthermore, the MACD has made a bearish cross and is going down.
We can also see the first support area which is found at $0.018-$0.019
Finally, a look at the 6-hour chart gives us a structure in which price is trading in.
We can see that price is following an ascending support line.
The price touched the resistance at $0.031 before retracing to the support line.
A resistance line to keep an eye on is the dashed red line, which could provide resistance during the next week if it gets validated.
I believe that price will not break through the resistance at $0.032, and will break down over the next two weeks, eventually heading for the support area at $0.018-$0.019.
- Price is following a long-term descending support line.
- There is a bearish divergence in the medium-term.
- The next support area will be found at $0.018-$0.019.
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Tron Price Prediction: The Second Attempt at Breaking Resistance Was Unsuccessful, Will Price Break Through on the Third One? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.