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TRON (TRX) Is on the Verge of a Major Price Movement.

October 26, 2020

Talking Points:

● TRX is trading at 0.0269 USD currently and is inside of an ascending triangle pattern.

● TRON’s latest weekly report is out and provides positive news for TRX investors.

TRON’s latest weekly report is out, giving some details about the completion of the TRC-20 shielded contract on the mainnet and a security test for the smart contract on TVM instructions to stake and unstake.

Key cryptocurrency exchanges like HBTC and MXC have allowed deposits and withdrawals of the TRON-based BTC token (TRC-20 BTC). The founder of the cryptocurrency platform TRON and CEO of BitTorrent Justin Sun also revealed detail about the acquisition of blockchain streaming platform DLive.

A Number of Indicators Show That TRX Is on the Verge of a Massive Price Rise.

Despite the TRX foundation having announced numerous positive statements over the past couple of weeks, TRX has maintained a sideways trading trend inside of an ascending triangle pattern formed on the daily chart.

TRX/USDT Daily Chart:

The upper trendline at 0.0272 USD, which is in line with the 50-day simple moving averages (SMA), has become a strong resistance level that bulls need to breakthrough. The MACD has continued to be bullish since the 9th of October and appears to be finding some momentum again.

In addition, the Bollinger Bands are very tight at present, with the upper band also working as strong resistance. A breakout through the pattern’s upper level could push the price of TRX up to 0.032 USD.

A Rejection of 0.0272 USD Could Be a Bearish Sign.

However, another rejection from the vital resistance level at 0.0272 USD could be a strong selling sign. On the 12-hour chart, the 100-SMA is in line with the upper boundary of the ascending triangle pattern.

TRX/USDT 12 Hour Chart:

The MACD appears to be on the brink of turning bearish as the price closes in on the resistance level. The bearish price goal would be 0.026 USD and as low as 0.021 USD, which is the 100-SMA on the daily chart.

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