Tron (TRX): Technical Analysis Report | 15th-December-2022

The Tron Foundation created and released TRON (TRX), a decentralised blockchain-based operating system, in 2017. Initially released on Ethereum as ERC-20-based tokens, TRX tokens were eventually migrated to their own network. The overinflation of Tron-related tokens follows a Nov 10th agreement that allows holders of assets such as TRX, BTT, JST, and SUN to withdraw funds. This has resulted in traders on FTX bidding up the price of Tron-related tokens in order to recoup their locked funds. The price of the token has risen by a marginal percentage of 1.13 while the volume is up by 13.15%. 

At the time of writing, TRX was trading at $0.055

TRX Chart | 15th Dec 2022
Tron (TRX) Chart

TRX after making the low of $0.04526 started trading in an ‘Ascending Channel’ and made the high of $0.0545. However, the bulls failed to push the prices above the key resistance of $0.0582, and the higher longer shadow indicates selling at these levels.  Once the resistance is breached with good volumes we can expect the asset to rally up to the $0.065 mark. The lower uptrend line will act as strong support for TRX.

Support 2Support 1AssetResistance 1Resistance 2

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