The TRX price has broken out above a symmetrical triangle. It is currently making an attempt at breaking out above 205 satoshis, a movement which, if successful, could take the price to 235 satoshis.
TRX Highlights
- TRX broke out from a symmetrical triangle.
- There is a golden cross about to transpire.
- There is resistance at 205 and 235 satoshis.
- There is support at 180 satoshis.
Cryptocurrency trader @TraderLenny outlined the TRX price movement and noted that it’s looking similar to ADA prior to its breakout from its own symmetrical triangle.
Tron is giving me pre-breakout $ADA vibes on the lower time frames.
With all majors performing the way they have, I'm definitely expecting this to break upwards aswell. ?? pic.twitter.com/Qx6CPm4R4P
— Lenny (@TraderLenny) February 1, 2020
Descending Resistance
On Jan 14, the TRX price broke out above a descending resistance line. The price has been increasing since, but has failed to move above the 205 satoshis resistance area despite numerous attempts. At the time of publishing, the price was making an attempt at breaking out. The next resistance area is found at 230 satoshis.
A strong bullish indication is given by the bullish cross of the 50 and 200-day moving averages (MA), also known as a golden cross. This suggests that the TRX price could soon enter its upward trend if it has not already done so.
Triangle Breakout
Since the tweet, the price has broken out above the symmetrical triangle. Besides the breakout, we can see that the price never decreased below the 200-day MA, but rather used it as support, a bullish development that supports continued price increases.
Finally, the hourly RSI is above 50, another bullish sign that suggests the price is in an upward trend.
Future TRX Movement
The TRX price is making an attempt at moving above the 205 satoshi minor resistance area. The 12-hour RSI has yet to generate any bearish divergence and is also above 50. This suggests that the price will be successful in moving above this resistance area and head towards 235 satoshis.
In the opposite case, if the price fails to break out, it could retest the support area at 180 satoshis. At the current time, this does not seem likely.
To conclude, the TRX price has broken out from a symmetrical triangle. It is making an attempt at breaking out above the minor resistance area at 205 satoshis, which is likely to be successful. The next resistance is found at 235 satoshis.
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