Tron (TRX) is up 35% over the past four days, breaking a four-month pattern in the process.
TRX is moving inside an ascending parallel channel since Jan 21. It attempted to break through on 31 March but was rejected by the channel’s resistance line (red icon).
Despite the rejection, it started another upward move on 6th April and managed to exit on 4th May. This increase could be a result of TRON launching its crypto-backed stablecoin this month.
The price is currently trading with the 0.382 Fib retracement resistance at $0.082. If it manages to move above this, the next resistance will be at $0.091. This is the 0.5 Fibonacci Retracement resistance level and a horizontal resistance area.
future movement
Technical indicators on the daily time frame are supporting the continuation of the upward move. MACD and RSI are both rising, the first is positive and the latter is above 50. All these are considered to be signs of a bullish trend.
Therefore, they indicate that an upward move towards the above resistance at $0.092 is likely to continue.
Additionally, the six-hour time frame is showing that TRX has already broken above a descending resistance line (green icon).
Therefore, these two time frames correspond to a continuation of the upward movement.
TRX/BTC
Cryptocurrency traders and investors @livercoin TRX tweeted a chart saying that the current rally could be significant due to divergence and retest of the 0.00000015 area.
Since the tweet, TRX has reached a descending resistance line but is yet to break out. Till now the line is there for 382 days.
Both the RSI and MACD are rising, supporting the possibility of a breakout.
Due to the fact that the line has been around for so long, a breakout above it would indicate that the correction has ended.
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