The TRX cryptocurrency of the TRON blockchain to watch

The TRON Blockchain Weekly Report has been released, giving information about the finalization of the TRC-20 shielded contract on the mainnet and a security test for the smart contract on the instructions of TVM.

  • The TRX cryptocurrency is currently trading at $0.0271 USD in an ascending triangle pattern.
  • Blockchain expert firm TRON’s latest weekly report has come out with some positive news for TRX holders.

Major cryptocurrency exchanges such as HBTC and MXC have enabled deposits and withdrawals of the TRON-based BTC token (TRC-20 BTC). Justin Sun, the founder of cryptocurrency platform TRON and current CEO of BitTorrent, also recently announced the acquisition of blockchain streaming platform DLive.

Several indicators show that the TRX cryptocurrency is poised for significant price movement

Although the TRON foundation has released several positive announcements over the past few weeks, the TRX cryptocurrency has continued to trade sideways inside an ascending triangle formed on the daily chart.

TRX/USDT Daily Chart

The trendline above $0.0272, which coincides with the 50-SMA moving average, acts as a robust resistance level for bulls to break. The MACD has remained bullish since October 9 and appears to be gaining momentum.

Additionally, the Bollinger Bands are incredibly tight at the moment, with the upper band also acting as resistance. A break above the upper boundary of the pattern can push the price of the TRX cryptocurrency up to $0.032 USD.

The rejection of $0.0272 may be a strong bearish sign

At the same time, another rejection of the critical resistance level at $0.0272 can be a strong sell signal. On the 12-hour chart, the 100-SMA moving average coincides with the upper boundary of the ascending triangle pattern.

TRX/USDT 12-Hour Chart

trx tron ​​cryptocurrency 271022020The MACD appears to be poised to turn bearish as the price nears the resistance level. The bearish price target would be $0.026 and as low as $0.021, which is the 100-SMA moving average on the daily chart.

Article by Lorenzo Stroe, see » article in english

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Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell foreign exchange contracts or CFDs. Although the information contained herein is from sources believed to be reliable, the author does not warrant its accuracy or completeness, and assumes no responsibility for any direct, indirect or consequential damages that may result from anyone relies on such information.

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The TRX cryptocurrency of the TRON blockchain to watch

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