TRON (TRX) price broke a long-term descending resistance line and recovered above the $0.055 resistance area. Both of these are bullish signals which favor continuation of the uptrend.
TRON founder Sun Yuchen is reportedly looking to spend up to $1 billion to buy assets of the bankrupt digital currency conglomerate.
On January 17th, part two of positive TRON news hit: TRON Network announced that it will burn more than 1,397,590 tokens, and Japanese exchange Zaif announced that TRX would be available from 25 January.
Reclaiming Structures Provides Bullish Tron Long-Term Price Prediction
At the beginning of November 2022, TRON price declined below the $0.055 horizontal zone. This was a significant development as the region remained for 539 days. However, the rupture was not valid (red circle).
TRX price started an upward movement and reclaimed the area of Jan 13. Moreover, there was a break from a descending resistance line at 637 days. So, in one fell swoop, TRON price broke above two very long-term formations. This bodes exceptionally well for TRON’s long-term price forecast.
The weekly RSI also validates the bullish price action. The indicator broke above the descending resistance line and is now above 50.
If the upward movement continues, the nearest resistance area will be at $0.09. This is 50% more than the current price. On the other hand, if TRON price corrects a weekly close below the $0.055 area, it could decline further to $0.036.
Therefore, technical analysis readings from the weekly time frame provide a bullish TRON price forecast.
To conclude, TRON long term price prediction is bullish due to breakdown of two long term formations. As a result, an increase towards the $9 resistance area is the most likely TRX price analysis.
Positive TRON news similar to the current exchange listing could aid this rise. A weekly close below $0.055 would invalidate this and the price could decline towards $0.036.
For the latest crypto market analysis from BeInCrypto, click here.
disclaimer
BeInCrypto endeavors to provide accurate and up-to-date information, but shall not be responsible for any missing facts or incorrect information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.