If we move to the live chart then it can be easily noticed that the price action is still moving in an and the price is increasing more and more while this movement within the channel. I have also placed the directional of movement indicator and we can see the line that is positive directional indicator is still above the negative directional indicator that is the line. And the is also moving up so we can expect a big move to the upside in the near future.
While moving in the the price action also formed a pattern. After reaching at the resistance of the cup the price action retraced between 0.50 to 0.618 level and completed the handle of the cup. Finally, the priceline moved up with a powerful and broke out the resistance of handle and also broke out the resistance of the cup. Now after this breakout we can expect that the price action will have a little bit pullback and it will re-test the previous resistance of the cup as support and then it will start the next rally.
The priceline is trying to breakout the bit triangle:
If we switch on the long-term weekly chart then we have already seen in my previous articles as well that the price action of TRX coin is moving in a . And after breaking out from the pattern on the now the price action is trying to breakout the resistance of this as well. The price action of Tron has 100 resistance at the same level where we have the resistance of this triangle. I've also place the indicator on the complete price action moving within this pattern. And it can be easily observed that the trader’s interest is very low at the support and from the upside we have the trader’s interest beyond the resistance of this triangle. Therefore there are strong chances that the price action will soon break out this resistance rather to break down the support.
The price action has entered in cloud:
Now I would like to draw your attention to a very significant signal. If we place the on the long-term weekly chart then it can be easily noticed that the price action has entered the cloud. We have also received the bull cross between the conversion and the baseline. This is very important time for the TRX that at the same time the price action is trying to breakout the triangle’s resistance and entered in a very powerful resistance of cloud. Therefore if the price action will be able to breakout from the triangle then it will be easy for Tron to even break out this strong resistance of cloud as well. And this will be a very powerful breakout even it can lead the priceline of Tron to $0.35 to $1.
The TRX is on the charts and at the same time we're having different announcements and good news by team of Tron. So the combination of the news and events and patterns and indicators on the charts together can lead the TRX more strong on the long term.