TRONPanjang
the symmetrical triangle narrowed wedge
Tron was forged by a popular entrepreneur, H.E. Justin Sun, also known as the founder of Tron. It has multiple use cases, with the main one being the transaction fees on the Tron blockchain.
Recently, H.E. Justin Sun retweeted a post of the Token terminal, that showcased a growing graph of monthly fees since launch and that it surged from Jul 2020 and has been at its peak by mid-2024. The post also conveyed that the Tron (TRX) appears to be on track to generate a whopping $1.65 Billion in transaction fees over the next 12 months.
Moreover, Tron (TRX) crypto surged by 0.36% in market value and surged by 0.95% in trading volume in the last 24 hours, as per the coinmarketcap. Its market value stands at $10.212 Billion, and its trading volume amounts to $218.312 Million.
When writing, it ranks 13th among the top 100 cryptos on CoinMarketCap, and there are 87.251 Billion TRX in circulation. The Volume-to-market cap ratio highlights weak liquidity, which is often seen as a trait of a less liquid and would most likely present less stable market charts.
A recent daily chart shows that the Tron (TRX) price has shown a resurgence possibility from the $0.1090 price mark, which is exhibiting a 0.43% intraday growth on the daily chart, with the price traded at $0.1174.
The TRX past price structure shows a long bullish rally from Nov 2022, the support level of $0.050 to a peak recorded of 0.1439 by Feb 2024; it showed a steady and consistent growth of 220%. After the rally, the price showed exhaustion, as it failed to surpass the main supply zone; the bulls lost to bears and ended up in a narrowing range that looked most similar to a pattern called a symmetrical triangle.
The lower boundary and upper boundary of the narrowing wedge show the 4 notable touches, which proves it to be a symmetrical pattern, and the 4 touches were at the $0.1090 price mark. What the market needs is a big liquidity candle that could give a massive breakout toward the higher levels.
However, if the price continues to trade within the pattern and goes for the decline with the bears dominating, the price could demonstrate a breakdown as well.
TRX Price Forecast, And Indicators Overview!
According to the symmetrical triangle narrowed wedge, if the price breaks down, then the bears could eye for the supports of $0.09500 and $0.08500.
However, if breakout happens, then the price could aim for $0.12800 and $0.14390.
Technical indicators PoV shows that the price has been in a low moment and trading between 50-day, and 200-day EMA's. Meanwhile, RSI has rebounded after hitting an oversold reign, but at the 50.83 median line, signifying there is no strength in momentum and depicting consolidation. MACD highlights a bullish cross with a histogram rising at 0.000273.
Recently, H.E. Justin Sun retweeted a post of the Token terminal, that showcased a growing graph of monthly fees since launch and that it surged from Jul 2020 and has been at its peak by mid-2024. The post also conveyed that the Tron (TRX) appears to be on track to generate a whopping $1.65 Billion in transaction fees over the next 12 months.
Moreover, Tron (TRX) crypto surged by 0.36% in market value and surged by 0.95% in trading volume in the last 24 hours, as per the coinmarketcap. Its market value stands at $10.212 Billion, and its trading volume amounts to $218.312 Million.
When writing, it ranks 13th among the top 100 cryptos on CoinMarketCap, and there are 87.251 Billion TRX in circulation. The Volume-to-market cap ratio highlights weak liquidity, which is often seen as a trait of a less liquid and would most likely present less stable market charts.
A recent daily chart shows that the Tron (TRX) price has shown a resurgence possibility from the $0.1090 price mark, which is exhibiting a 0.43% intraday growth on the daily chart, with the price traded at $0.1174.
The TRX past price structure shows a long bullish rally from Nov 2022, the support level of $0.050 to a peak recorded of 0.1439 by Feb 2024; it showed a steady and consistent growth of 220%. After the rally, the price showed exhaustion, as it failed to surpass the main supply zone; the bulls lost to bears and ended up in a narrowing range that looked most similar to a pattern called a symmetrical triangle.
The lower boundary and upper boundary of the narrowing wedge show the 4 notable touches, which proves it to be a symmetrical pattern, and the 4 touches were at the $0.1090 price mark. What the market needs is a big liquidity candle that could give a massive breakout toward the higher levels.
However, if the price continues to trade within the pattern and goes for the decline with the bears dominating, the price could demonstrate a breakdown as well.
TRX Price Forecast, And Indicators Overview!
According to the symmetrical triangle narrowed wedge, if the price breaks down, then the bears could eye for the supports of $0.09500 and $0.08500.
However, if breakout happens, then the price could aim for $0.12800 and $0.14390.
Technical indicators PoV shows that the price has been in a low moment and trading between 50-day, and 200-day EMA's. Meanwhile, RSI has rebounded after hitting an oversold reign, but at the 50.83 median line, signifying there is no strength in momentum and depicting consolidation. MACD highlights a bullish cross with a histogram rising at 0.000273.
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