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TRON Price Analysis TRX / USD: Retaking The Hill

TRX is attempting to recover from its losses.

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  • TRON is trading back towards its monthly price open after giving back recent gains
  • Short-term technical analysis suggests that the TRX / USD pair could gain nearly twenty percent in value
  • The daily time frame highlights the $0.012400 level as the strongest form of near-term support

TRON has slipped back towards its monthly price open after giving back over five percent in gains since the start of the trading week. After falling to a new 2019 trading low last week, the TRX / USD pair had recovered over fifteen percent of its value, before finding strong technical resistance around the $0.016400 level.

The TRX / USD pair has been one of the worst affected major cryptocurrencies during the market recent sell-off, losing over seventy percent in value from its 2019 trading high. TRON has suffered two consecutive months of double-digit declines and is now trading in negative territory for 2019 by some fifteen percent.

Short-term technical analysis suggests that the TRX / USD pair could soon return to positive territory for the year. The one-hour and four-hour time frames depict bullish inverted head and shoulders patterns, with an upside projection of around twenty percent.

SIMETRI Research

The medium-term picture for the cryptocurrency is less certain, as the TRX / USD pair is still probing the lower bounds of its historical trading range. The daily time frame shows that TRON is close to moving under a large bullish pattern, although technically the bullish inverted head and shoulders pattern is still valid.

Looking more closely at the daily time frame, the bullish scenario would take the TRX / USD pair back towards its current 2019 trading high, while the bearish scenario highlights the $0.012300 level as they next downside target if bears breach the current 2019 trading low.

According to the latest sentiment data from TheTIE.io, the short-term sentiment towards TRON is bullish, at 62.00 %, while the overall long-term sentiment towards the cryptocurrency is extremely bearish, at 29.06%.

 

TRX H4 Chart September 11 by TradingView
TRX / USD H4 Chart by TradingView


Upside Potential

The four-hour time frame is showing that a sizeable inverted head and shoulders pattern has formed, with the neckline of the bullish pattern found around the current monthly trading high. The pattern suggests that the TRX / USD pair can rally towards the $0.019000 level if a bullish breakout occurs.

The daily time frame highlights that the $0.018800 level is the strongest form of near-term resistance, while the pair’s 200-day moving average is strong medium-term resistance, at the $0.026000 level.

 

TRX Daily Chart September 11 by TradingView
TRX / USD Daily Chart by TradingView


Downside Potential

The four-hour time frame is showing that the TRX / USD pair could drop towards the $0.014400 level if selling pressure starts to pick-up below the $0.015000 level.

A breach of the current yearly trading low could see the TRX / USD pair falling towards the December 15th, 2018 trading low, around the $0.012300 level.


Summary

TRON shows strong double-digit upside potential in the short-term if bulls can start to advance the cryptocurrency above the September monthly trading high.

Medium-term analysis shows that TRX / USD bulls will need to rally price towards the $0.026000 level in order to place the cryptocurrency in a more desirable technical position.

 

Check out TRON in our coin guide.

 

TRON Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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