Tron (TRX) Price Watch: Bulls Waiting at This Area of Interest

Tron Price Key Highlights

  • Tron is trending higher but seems to need a correction before drawing more bullish pressure.
  • Tron is safely inside its ascending channel and is currently gearing up for a test of the bottom.
  • Technical indicators are suggesting that the uptrend could resume soon.

Tron continues to trend higher in an ascending channel but needs a test of support before resuming the climb.

Technical Indicators Signals

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 uptrend is more likely to resume than to reverse. The gap is still sufficiently wide so there’s no strong chance of a downward crossover just yet.

Applying the Fibonacci retracement tool on the latest swing low and high shows that the 61.8% level lines up with the channel bottom close to the 0.0700 major psychological support. This is also close to the 200 SMA dynamic inflection point that could serve as an additional support level.

RSI is already indicating oversold conditions to show that the correction might be done soon. Turning higher could draw buyers in, especially since it formed lower lows and price had higher lows for a bullish divergence.

Similarly, stochastic is dipping into oversold territory to show that sellers are exhausted and buyers could return soon. In that case, Tron could bounce back to the channel top around 0.0850 or the swing high.

TRXUSD Chart from TradingView

Market Factors

Altcoins haven’t had such a good run recently but Tron remains one of the stronger ones as its investors are anticipating the launch of a virtual machine and the mainnet towards the end of this month. Founder Justin Sun has been excitedly tweeting updates, so these developments could keep buyers in play.

Meanwhile, the dollar has the FOMC minutes due this week and cautious remarks could weigh on tightening expectations, allowing cryptocurrencies to benefit from risk-taking.

The post Tron (TRX) Price Watch: Bulls Waiting at This Area of Interest appeared first on NewsBTC.