At this point there is no doubt that Tron (TRX) fundamentals are solid. The migration from the Ethereum blockchain is done, and the number of partners is growing. However, Tron’s price has not been so good in the last couple of weeks, in spite of all these good fundamentals. But, this looks set to change, with all indicators pointing to a possible bullish breakout, one that could push TRX to a high of $0.06 in the next few hours. This bullish signal is visible in the 12-hour chart where TRX is trading in a tight range along the 21-day moving average. This points to a possible bullish breakout in three ways.
First, the price is firmly above the 21-day moving average, and has been there for the last 36 hours. That’s a signal that there is strong buying momentum, one that is holding this crypto above the $0.035 long-term support level. Secondly, the fact that it is trading in a range above a major resistance level, shows that investors are accumulating Tron.
A price range is usually indicative of an accumulation phase, and in this case it is buying accumulation taking place. Once the number of sell orders dries up relative to the number of people buying into Tron, there will be a massive breakout. The last breakout happened 2 days ago, after TRX was in accumulation phase for 72 hours. The breakout saw it rise from $0.037 to a high of $0.041 in under one hour.
In essence, if this next accumulation phase attracts a good number of buyers into Tron (TRX), it could see it push to $0.05. This is the next resistance level, at which point Tron might range again for some time, as speculators take profits.
Tron’s possible breakout is also confirmed by bitcoin’s price movements. Bitcoin is the major crypto in the market and its price movements have an impact on the entire market. Anytime it moves up, the rest of the market also moves up. Looking at bitcoin’s charts, it has been in an upward accumulation phase for the last 5 hours. This accumulation is taking place above the 55-day moving average, a key indicator that there is some serious buying taking place. As such, bitcoin (BTC) could breakout in the next 12-24 hours, with the next target being $7000. Such a breakout will pull the rest of the market with it, and Tron will be one of the beneficiaries.
In essence, buying into Tron (TRX) at today’s prices offers a good chance to profit in the short-term. But even for an investor looking to buy long-term, current prices are still good for an entry into Tron. That’s because Tron looks set to dominate the Dapps market with its fast speeds, low costs and high scalability. As developers cross-over to the Tron blockchain from other platform blockchains, its value will rise significantly. In the next 5-10 years, Tron could be worth upwards of $10 a coin.