|

Has TRX accumulated enough power for the mid-term bullish trend?

On the last day of the week, bulls have seized the initiative as all of the top 10 coins are in the green zone.

Chart

Top coins by CoinMarketCap

TRX/USD

TRX has followed the bounceback of other coins, rising by 4.66% over the last 24 hours.

TRX

TRX/USD chart by TradingView

On the local time frame, TRX has broken the resistance and is trying to fix above it. If bulls can do that by the end of the day, the impulse can continue to the zone around $0.08 soon.

TRX

TRX/USD chart by TradingView

On the daily chart, TRX is about to start rising after an accumulation phase. If the buying trading volume goes up, there is a high chance to see the test of the interim level at $0.08254 next week.

TRON

TRX/USD chart by TradingView

From the mid-term perspective, TRX is neither bullish nor bearish as the rate is far away from its crucial levels. In this case, the altcoin needs more time to accumulate power before a sharp move.

In this case, sideways trading in the range of $0.07-$0.08 is the more likely scenario for the upcoming weeks.

TRX is trading at $0.07648 at press time.


Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

More from Denys Serhiichuk
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.