The TRX price prediction indicates that there could be additional selling if the rising wedge pattern on the daily chart plays out as expected. Two days of selling have sent the TRX/USD pair below recent weekly highs at 0.11050. This downward move has occurred despite TRON Founder Justin Sun planning an additional investment to boost the growth of its ecosystem.
Once touted as a major competitor to Ethereum, TRON has seen the enthusiasm around its 1st quarter surge wane sharply. The daily chart shows a massive double top in 16 April and 7 May that led to a selloff to 20 July lows. Since then, the price appreciation only touched off highs at 0.12204, which was the 61.8% Fibonacci retracement move from the swing high of 7 May to the swing low of 22 June.
As Justin Sun earmarks $1.1billion to deepen the TRON ecosystem, will this impact the near-term price outlook?
The evolving wedge pattern has resulted following the corrective decline from the 0.10601 resistance. With the price now heading for a support test at 0.10014, the wedge could come under threat. If the price breaks below this level, then 0.09080 becomes available as the next resistance. 0.08306 only becomes available if the price dips further, taking out the 200-day moving average as well.
On the flip side, a bounce on the 0.10014 support and the ascending trendline support line allows the bulls to aim for a potential break of 0.10601. If the price escapes from this barrier to the north, 0.12204 becomes the new target of choice, and this will invalidate the wedge pattern.
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This post was last modified on Nov 04, 2021, 16:34 GMT 16:34