Tron (TRX) Price Watch: Bulls Gaining Momentum?

Tron Price Key Highlights

  • Tron completed an upside break from a double bottom neckline, indicating that gains are in the cards.
  • However, price got rejected on nearby resistance at 0.04000 and is currently pulling back to gather more bullish energy.
  • Price seems to have bounced on the retest of the broken neckline and is ready to resume the climb to the extension levels.

Tron price made a break and retest of the double bottom neckline to signal that more buyers are joining in.

Technical Indicators Signals

The 100 SMA is starting to cross above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This suggests that the climb is more likely to resume than to reverse. The moving averages also held as dynamic support at the area of interest at 0.03600.

Applying the Fibonacci extension tool shows the next upside targets, with the 50% level at the swing high and the 61.8% level around the 0.04030 mark. Stronger bullish momentum could lead to a climb to the 78.6% extension at 0.04143 or the full extension at 0.04288.

RSI, however, is pointing down to signal that there’s some selling pressure left so buyers might wait a bit longer before the rallies resume. Stochastic dipped briefly into overbought levels and is turning lower, so Tron price might still follow suit.

In that case, Tron price could still fall to the bottoms at 0.03300 and a break lower could confirm that longer-term bearish pressure is intact.

TRXUSD Chart from TradingView

Cryptocurrencies have had a good run recently but it looks like the momentum is running out of steam on the lack of fresh catalysts. Traders are now keeping close tabs on the SEC decision on the bitcoin ETF on SolidX, hoping to gain more reason to put more funds back in cryptocurrencies like Tron.

For now, though, the attention is back to traditional markets like stocks, commodities, and currencies as easing trade concerns have spurred strong gains in these areas.

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