Tron (TRXUSD) Technical Analysis: Inflection Points to Watch

Tron has managed to seem some green for the past 24 hours even as its peers are slumping in the red. Price has broken above a short-term descending trend line to signal the presence of bullish pressure.

It has also managed to keep its head above the area of interest or former resistance turned support around the 0.0230 level. However, price is trading slightly below a longer-term rising trend line to indicate that a downtrend may be in order. This break could still prove to be a fake out if Tron manages to climb back above 0.0250 soon.

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside or that the climb is more likely to resume than to reverse. The gap between the indicators is sufficiently wide to signal that buyers could stay on and even press it back up to the swing high at 0.0360.

RSI is also pointing up after recently dipping into the oversold region, indicating that bullish momentum is returning. At the same time, stochastic is in the oversold territory as well to indicate that sellers are exhausted and might let buyers take over. Price has yet to climb above the orange trend line and 100 SMA dynamic inflection point to add confirmation that the uptrend could gain traction.

Expectations for the BitTorrent cryptocurrency, BTT, appear to be driving interest in Tron itself as this coin is built on that network after all. With several active users on the BitTorrent platform, this could be an excellent opportunity to spur mainstream adoption of Tron itself.

Still, there are some headwinds in the industry that Tron has to weather in order to sustain its climb. Note also that Tron’s accelerator project is also being questioned for its reward adjustments.

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