Will Tron (TRX) Trade Sideways for Several More Weeks?

Tron (TRX) has been in somewhat of a slow downtrend for the past 2 months, throughout which it has continued to show bearish tendencies. Though yesterday was a great day for TRX, it certainly didn’t last long, as most of yesterday’s bullish growth was erased, seeing TRX collapsing back to $0.0235 again.

Looking at the big picture, Tron (TRX) has been trading sideways over the past 8 months, with the only major bullish move occurring in mid-December 2018. After a month of bullish momentum, Tron failed to see any sort of continuation and has since been on a slow downtrend, falling from a high of around $0.031 down to its current $0.0233.

The chart above indicates that Tron may be forming a parallel channel, although this is non-perfect. Yesterday TRX was just inches away from breaking the channel, but couldn’t generate the momentum for a follow through, resulting in a large sell-off today.

We are probably going to see the same trend for the next few weeks, considering the market as a whole has been quite stable. That being said, there remains a great deal of optimism behind Tron, and the last Dapp weekly report came out very positive for the blockchain.

About Whaleagent

Whaleagent.club is the Most accurate crypto signals group in the world. We provide easy to follow educated signals that are based on Market research & Technical Analysis. Our signals are being shared to monitor our personal trades aka journey. We are trading at Bitmex, Bittrex, Binance. If you want to watch our Trades in live, simply subscribe via the website as a Premium Member.

Image Credits: TradingView

Leave a comment