Tron (TRXUSD) Technical Analysis: Next Upside Targets

Tron looks ready to resume its uptrend as price is bouncing off the bottom of the ascending channel on the 4-hour time frame. Applying the Fibonacci extension tool shows the next potential upside targets.

The 50% level lines up with the mid-channel area of interest, which might serve as the first take-profit point. Stronger bullish momentum could take it up to the 61.8% level at 0.0303 or the 78.6% level at the top of the channel. The full extension is located at the 0.0332 mark.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the uptrend is more likely to gain traction than to reverse. The 100 SMA is also close to the channel bottom and is adding strength as support.

Volume remains elevated, which suggests that buyers might be trying to defend current support levels and sustain the climb. Stochastic is already on the move up after recently dipping to the oversold level, indicating that buyers are regaining the upper hand. RSI is also heading up but may be hesitating halfway through, suggesting that consolidation could happen.

Tron has been one of the better-performing cryptocurrencies recently as it managed to hold on to its current levels while the rest are chalking up deeper slides. Anticipation for the BTT token has been attributed as the main factor keeping price afloat.

The sale is set to last until February 3 and Tron holders are also expecting to get BTT tokens via airdrop sometime this month. This is encouraging traders to maintain their holdings and possibly even add more. After all, BTT is widely expected to bring Tron to mainstream adoption after the company acquired BitTorrent.

Founder Justin Sun continues to rally excitement for Tron and BTT with his tweets, more recently announcing a specialized wallet for Tron.

Leave a Reply