Coin News

Tron (TRX) Price to Witness 80% Spike Soon! Is This A Good Time To Buy?

6 Oct, 20222 min readOther
Tron (TRX) Price to Witness 80% Spike Soon! Is This A Good Time To Buy?

The downfall of the Tron Foundation in 2022 will mark a pivotal moment for TRON and could either lead to subpar performance or new heights. The analysis predicts that TRON will reach $0.13 before the end of this year, resulting in a price increase of 80% and a price increase of 1,100% in just a few years.

TRON to Soon Escape the Descending Triangle

Early in 2020, TRON prices fell sharply, but they eventually soared upward in March, retesting their all-time high of $0.18. Within a short period, the prices fell by 73%, then rose again by 117% to peak at $0.1184 before stabilizing for nearly two and a half months.

In two months, the prices fell by 59%, but the bulls persisted and raised the price to the present level of $0.062. Due to the bearish domination, TRX prices could not hold above this level and fell below it. After around three months of this pattern, TRX prices ultimately broke through the current price level and rose to their all-time highs of $0.093, resulting in a 58% price increase.

The TRX price again dropped to its present level, followed by a minor recovery. However, the bears took control and drove prices below the support level of the descending triangle at $0.046 to create the double-bottom formation.

The bulls made another attempt at a rally, but they could not maintain above the current price level and sank below $0.062 due to the bearish domination. It is clear that the bulls are determined to raise the prices above this level and are not giving up.

With the strengthening market circumstances, the upswing is anticipated to continue, and TRX prices are expected to soar to new highs of $0.071, representing a 15% increase from the current level.

On the contrary, a bearish breakthrough from the descending triangle, signaling a 60% downswing, will occur if the TRON confirms its weekly closing below the support level at $0.0581.


Subscribe to get our top stories

Coin News
App StoreApp Store