Tron Price Analysis: TRX/USD Further Gains in the Cards?


Tron looks set to resume its long-term uptrend as price successfully bounced off an area of interest and broke above a short-term descending channel.

Applying the Fibonacci extension tool shows the next potential targets. Price already broke through the 38.2% level and is currently testing the 50% extension on its way to the swing high. Stronger bullish momentum could take it to the 78.6% level around the 0.0281 mark next then onto the full extension near the 0.0300 major psychological level.

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the climb is more likely to gain traction than to reverse. This comes off a small dip in the moving average that seemed to show a slowdown in bullish momentum. These moving averages also span the area of interest or former resistance turned support, adding to its strength as a floor.

RSI is pointing up to confirm that buyers are in control, but the oscillator is also dipping into the overbought region to indicate exhaustion. Turning lower could signal a return in bearish pressure and another potential dip to nearby support levels. Stochastic is also heading higher but approaching the overbought region to show that buyers might take a break and let sellers take over.

TRX/USD Chart - TradingView

The hype for the BitTorrent coin is building up as the Tron network is looking at 100 million active users of the platform to spur mainstream adoption. More and more details of the BTT token sale are starting to seep out, thereby generating more attention and buying interest in Tron.

This price behavior is particularly interesting since most of its cryptocurrency peers are selling off or at least consolidating in the past few days. This confirms that the Tron gains are coming from updates specific to this particular altcoin and might be enough to propel it to new highs as interest builds.

Images courtesy of TradingView


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