Tron’s Price Action Set For A Breakout As Consolidation Approaches Critical Point
- Tron’s price action has seen its volatility drop significantly since last week.
- TRX price action looks set for a breakout as bears and bulls push towards each other.
- Expect a bearish outcome as price action slides below a key moving average.
Tron (TRX) price action sees the bulls trying to hold price action above the monthly pivot at $0.06. However, their efforts could be wasted if they cannot push the price action above the 55-day simple moving average (SMA). Overall, the bears and bulls are trading closer to each other in a showdown, which means consolidation is underway and a breakout is expected at any time.
TRX price consolidates as the worst possible place
Consolidating Tron price action is not a bad thing for traders as it is usually followed by a volatile breakout. What normally happens is that intraday volatility begins to decline, and a breakout occurs once the bears or bulls take over. Seeing the positioning right now, the ball is in the to research bears.
TRX Price Action Consolidates With The 55-Day SMA acting like a rising ceiling. Price action is pushed lower towards the monthly pivot at $0.061, which is expected to crack below pressure. Given the two above, a break down is likely to be the result of this consolidation, towards $0.059 or even $0.058.
TRX/USD daily chart
With the ensuing consolidations and breakouts, results is often quite binary. In this situation, it could also be that the bulls are pushing the price action higher. This could signify a break above the 55-day SMA and $0.062, with a rally towards around $0.065 at this month’s R1 monthly resistance level.