The Tron price has erased most of the losses it made on Monday when the price of cryptocurrency prices crashed. The coin has risen by more than 10% in the past few days and is trading at $0.054, which is the highest level since Monday. This rebound has brought its total market cap to more than $3.87 billion, making it the 25th biggest coin in the world. At its peak this year, TRX was among the top 15 biggest digital coins in the world.
Tron price prediction (daily chart)
Turning to the daily chart, we see that the Tron price has recently been in a deep sell-off. It has already dropped by more than 70% from its year-to-date high. Along the way, the 50-day and 100-day moving averages have made a bearish crossover.
It is also below the descending black trendline that connects the highest points since May this year. The price is also below the 78.6% Fibonacci retracement level. Therefore, it seems like the TRX price is still in a bearish trend. This trend will remain as long as the price is below the two moving averages.
TRX 4H chart
Now, turning to the four-hour chart, we see that the price is attempting to move above the descending trendline shown in black. It is also attempting to move above the 50-day and 100-day moving averages. At the same time, it seems like it has formed an inverted head and shoulders pattern. In price action, an inverted H&S pattern is usually a bullish sign.
Therefore, a bullish breakout will only be confirmed when the price moves above this trendline. If this happens, the next key level to watch will be $0.1.
TRX price chart
Follow Crispus on Twitter.