TRX has fallen back within a descending triangle that is getting tighter as we move down.
Last month, the price hit the top resistance of the triangle and plummeted through the $0.018 support and bouncing hard off at $0.012. The bounce was enough for TRX to nearly get back to $0.018 but was denied and has since fallen back to $0.015.
Considering the stochastic RSI is overbought and the previous patterns TRX has gone through, it is most likely that it will consolidate at its new level in the range of $0.01 to $0.016 until the end of January in the coming year.
Traders should be wary about going all in at these levels, however, in case of further Bitcoin (BTC) decline. TRX is still much above its all-time low and still has plenty of room to fall.
A worst-case scenario could bring the token price back to the half-cent range.
Read the entire analysis @ BeInCrypto: beincrypto.com/will-...s-into-the-new-year/
Last month, the price hit the top resistance of the triangle and plummeted through the $0.018 support and bouncing hard off at $0.012. The bounce was enough for TRX to nearly get back to $0.018 but was denied and has since fallen back to $0.015.
Considering the stochastic RSI is overbought and the previous patterns TRX has gone through, it is most likely that it will consolidate at its new level in the range of $0.01 to $0.016 until the end of January in the coming year.
Traders should be wary about going all in at these levels, however, in case of further Bitcoin (BTC) decline. TRX is still much above its all-time low and still has plenty of room to fall.
A worst-case scenario could bring the token price back to the half-cent range.
Read the entire analysis @ BeInCrypto: beincrypto.com/will-...s-into-the-new-year/
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