The TRON price Price has underperformed the market in October, and despite a modest bounce to $0.096, it is 22% below the September high. Furthermore, TRON (TRX) is struggling to escape the grip of the major moving averages, leaving it vulnerable to a break of trend support.
The cryptocurrency market as a whole has started October well. Bitcoin (BTC) has climbed to a five-month high of $55k, lifting the combined crypto market cap to nearly $2.3 Trillion. However, the gains are not shared evenly. Whilst BTC has gained 33% over the last week, TRX has managed a paltry 8% increase. As a result, the TRON price remains inside the long-term symmetrical triangle pattern.
The daily chart shows that TRX is sandwiched between two opposing trend lines. Below the market, a rising trend line from the July low supports the price at $0.0860. Conversely, a descending trend line from the May high offers resistance at $0.1150. Whilst the price did bounce from trend support last week, the rally is underwhelming. However, the price has climbed above the 200-day moving average at $0.0890 and the 50-day at $0.095, reinforcing the support. As long as TRX holds the moving averages, a test of trend resistance at $0.1150 should follow.
Considering Bitcoin’s buoyancy, TRON should trade with a bullish bias. Furthermore, if BTC stretches towards the April $65k high, the TRX price should clear trend resistance. However, the bullish view relies on trend support holding. Therefore, if the TRON price falls below $0.0860, it invalidates the optimistic price prediction.
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