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TRX Price Prediction: Tron price set to tank as breakout opportunity fades

  • Tron price is rejected as it attempts to break out above pennant formation.
  • TRX sees bulls exiting again as the window for a Christmas rally closes.
  • Expect a decline to either $0.053 or $0.051 once support fails.

Tron (TRX) price sees bulls giving up on their attempts to overcome the bearish pressure from the current pennant that is trapping price action. To make matters worse, cryptocurrencies as a whole are taking a step back, which builds more bearish pressure and motivation. Expect either the ascending trend line to hold or break, with a binary outcome in the remaining days of 2022.

Tron traders can choose for dessert either 2% or 6% losses

Tron price receives three firm rejections in just three trading days as traders recover from their Christmas dinner indigestion. The first rejection occurred on Sunday, the 25th, with a rejection on the topside at the monthly pivot. The second and third were similar, with bulls being prevented from breaking higher and unable to trash the red descending trend line on Monday the 26th and this Tuesday morning in the ASIA PAC session. 

TRX price is thus set to drop back in a hopefully contained decline, towards $0.053 at the green ascending trend line. That would mean a 2% decline from where Tron currently resides and could still trigger a bounce back up for a breakout. Should the green ascending trend line break, a leg lower towards $0.051 looks to be the next outcome at the pivotal level of March 25, 2021, with 6% losses.

TRX/USD daily chart

TRX/USD daily chart

Of course, any upside move would see quite a bullish response if the red descending trend line were to get broken. In the short squeeze that would follow, price would likely see a 10% increase. In terms of price action, that would mean Tron price reaching around $0.060. 

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

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