Tron (TRXUSD) Technical Analysis: Buyers Eyeing Next Upside Targets

Tron continues to gain bullish momentum and may be poised to break past the area of interest previously highlighted. If so, price could be on its way to climb to the next upside targets marked on the daily time frame.

However, the 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, resistance is still more likely to hold than to break. Note that price is still trading within the former support and potential resistance zone and might need to clear the 0.0310 barrier to confirm an upside break.

From there, price could aim for the next area of interest at the 0.0400 level then at the previous resistance at 0.0580. Note that the gap between the moving averages is narrowing, after all, reflecting slowing bearish pressure. If a bullish crossover materializes, more buyers could join in.

However, RSI is already indicating overbought conditions or that buyers are tired. Turning lower could signal a return in selling pressure that might take Tron back to the nearby support areas at the moving averages’ dynamic inflection points.

Similarly stochastic is in the overbought zone to indicate that buyers might need to take a break and let sellers take over. Then again price is moving above both moving averages to indicate that bullish momentum is creeping in.

Tron is gaining a lot of market attention on BitTorrent’s launch of its own cryptocurrency BTT, which is built on the Tron platform. This is widely expected to usher in mainstream adoption of Tron as the BitTorrent platform already has a huge number of active users. As the official BTT white paper reads:

“Optimizing the existing BitTorrent protocol is an obvious first step in the introduction of a cryptographic token but it barely scratches the surface of what is rapidly becoming possible.”

Leave a Reply