TRON Trades to Reach for its Resistance: Can TRX Cross $0.1?
TRON is a decentralized open-source blockchain that runs on a Proof of Stake consensus. That means it is not a mineable cryptocurrency, mainly dependent on the lock-up of tokens by the holders. The investors expect a good return because the price has been consolidating within a range on the long-term view, which can be a positive sign if TRX does not break the support in the next few months.
The platform has a similarity with Ethereum’s Uniswap. That means if the supply remains limited, the price of TRX will increase because of the increase in demand. Moreover, if the number of TRX stores increases, the price will rise even more.
Overall, the market experts forecast a high growth in cryptocurrencies after this potential recession. That is why even retail investors should enter the market and hold coins long-term to get higher returns.
It is forecasted that in 2023, the price of TRX will hit high and will further climb up in the next few years, so it is a good time to invest for the long term, but before investing, click here to read our detailed analysis to understand the technical aspects and right price for buying TRX.
At the time of writing this post, TRX was trading around $0.061. It has been consolidating between $0.058 and $0.064. Candlesticks of TRON coin are forming in the upper range of the Bollinger Bands with an RSI around 50, which suggests bullishness for the short term. However, we do not think TRX will break the support, so if it does not break the resistance, then it will consolidate within the range.
After a short uptrend, TRX has been consolidating within a range of $0.07 and $0.055 on the weekly chart. We think it is a great time to buy for the short and long term both.
The last few weekly candles are forming in the lower range of the Bollinger Bands, and RSI is around 40, which suggests the continuation of this consolidation phase for the next few months.