Will TRON (TRX) Skate Sideways Into The New Year?

BINANCE:TRXUSD   TRON / US Dollar (calculated by TradingView)
TRX has fallen back within a descending triangle that is getting tighter as we move down.

Last month, the price hit the top resistance of the triangle and plummeted through the $0.018 support and bouncing hard off at $0.012. The bounce was enough for TRX to nearly get back to $0.018 but was denied and has since fallen back to $0.015.

Considering the stochastic RSI is overbought and the previous patterns TRX has gone through, it is most likely that it will consolidate at its new level in the range of $0.01 to $0.016 until the end of January in the coming year.

Traders should be wary about going all in at these levels, however, in case of further Bitcoin ( BTC ) decline. TRX is still much above its all-time low and still has plenty of room to fall.

A worst-case scenario could bring the token price back to the half-cent range.

Read the entire analysis @ BeInCrypto:

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