TRON Fails to Capitalize on Three Break Outs, Will It On the Fourth?

TRON(TRX) has been rallying in the green zone since the start of the last week. It started rising exponentially earlier during the week. It started the week with an opening price market price of $0.053.With its exponential gradient, TRON reached a maximum of $0.058 within a couple of days, as shown in the chart below.

TRON/USDT 7-day Chart (Source: CoinMarketCap)

Following this steep rise, TRON started its descent and thereafter steadied itself fluctuating between $0.055 and $0.056. But this calm wasn’t long held as TRON started descending below its opening market price trading in the red zone. It reached a minimum of $0.052.

Nonetheless, TRON rose up from the red zone and is currently in the green zone. As of press time, TRON is up 0.75% in the last 24 hours and is trading at $0.054. It ranks 13 with a market cap of $4,998,840,950.

TRON took a deep fall during mid-November. On November 9, it was trading at $0.065 (near resistance 1) but it plunged to $0.045 (near Support 2) on December 14 as shown in the chart below.

TRON/USDT 1-hour Trading Chart (Source: TradingView)

As highlighted with the regression trend channel TRON has been registering new higher highs and higher lows.

Meanwhile, TRON has been fluctuating very close to the 200-day MA. It broke the 200-day MA three times (Green Squares). Although the first and second breakouts gave some momentum to the price of TRON, the third breakout was short-lived, as TRON fell below the 200-day MA shortly.

Currently, the fourth breakout has happened; will TRON be able to capitalize on its fourth breakout and gain some momentum? If the bulls push, TRON could rebound on the 200-day MA, but if the bulls give more momentum, TRON could hit Resistance 1.

Contrastingly, if the bears take control of the market, TRON could tank to Support 1. And with more pressure from the bears, TRON could plunge to Support 2.

Source