- TRX crypto has formed a symmetrical triangle pattern on the 4h chart.
- The Federal Reserve will conclude its two-day meeting on Wednesday.
Tron price has been in a consolidtion phase in the past few days as investors wait for the upcoming Federal Reserve decision. The TRX coin was trading at $0.066, which was a few points below this week’s high of $0.067. It has dropped by about 4% from the highest point this month.
Federal Reserve decision ahead
Tron and other cryptocurrencies like Bitcoin, Ethereum, and Ripple have moved into a consolidation phase in the past two days. After soaring to a high of $28,500, the coin has dropped to a low of $27,800. Other coins like ETH, ADA, and Solana were trading at $1,808, $0.35, and $22.97.
The next key catalyst for Tron prices will be the upcoming interest rate decision by the Federal Reserve scheduled for Wednesday this week. This will be an important decision considering that the Fed has already hiked rates 7 times in the past few months.
Further, the Fed will need to balance the ongoing risks between the fight against inflation and financial stability. The financial stability issue has been going on in the past few weeks as several banks have collapsed.
This month, we saw the collapse of Silicon Valley Bank (SVB), Signature Bank, and Silvergate. The biggest collapse was Credit Suisse, the second-biggest bank in Switzerland. On Sunday, the company agreed to be acquired in a $3.3 billion deal.
Read more: How to buy Tron.
Therefore, analysts believe that the Fed will take a measured tone as it attempts to prevent more challenges in the financial industry. A likely scenario is where it decides to hike interest rates by 0.25%, lower than the 0.50% that Jerome Powell hinted.
A more hawkish tone by Jerome Powell will be bearish for Tron and other cryptocurrencies. On the other hand, a dovish tone will see the coin make a bullish comeback.
Tron price prediction
The 4H chart shows that the TRX price has been in a consolidation phase in the past few days. In this period, the coin has formed a symmetrical triangle pattern that is shown in green. The coin has moved above the 25-day and 50-day moving averages.
Therefore, there is a likelihood that Tron will have a bullish breakout as buyers target the key resistance point at $0.069 followed by the next key point at $0.070. A bearish breakout will be confirmed if the coin moves below the key point at $0.064.
