Since the past ten days, Tron (TRX) was on a massive growth rally as its price went from $0.03 to $0.25. However, shortly after it peaked, a major correction followed and Tron lost over 50% of its value, with the prices coming down to as low as $0.11 – however, it is now expected that the currency is going to bounce back even harder – reaching an all-time high of as much as $0.4 in the days to follow.
The current price it is at is actually the line of support – which is somewhere around $0.1 to $0.11 – now that the support has been reached, the currency is slowly expected to grow. A few minor corrections are expected every now and then – but the price of Tron is expected to not go below this level. If you take a look at the graph below, the green curve is the path the currency is expected to follow.
Above the green curve there’s a zig-zag line showing the way Tron is expected to move forward. A weak resistance is likely to form at $0.18 mark, while a stronger resistance is expected to form at the $0.27 mark – however, keeping all the factors and market conditions constant, Tron might just be able to go beyond these levels and breach the line of resistance eventually – helping the prices soar.
As per Sebastian Seliga of tradingview, If the line of resistance is indeed breached, Tron’s bullish momentum will take it to levels of $0.4 before it faces another major correction. The current stop loss should be kept at $0.08 USD – while a lower-support is expected at $0.05 USD. However, it is unlikely that Tron will fall to these levels.
For those looking at the $0.3 mark,
- First target: $0.20
- Second target: $0.32
- Third target: $0.41
However – at every level there is going to be some resistance leading to a correction which might lead to some sort of a drop, but that shouldn’t bother seasoned traders.
Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.