Tron appears to have made an upside breakout from its symmetrical triangle consolidation pattern, indicating that an uptrend is underway. Price is also trading above an ascending trend line that’s been holding since September 10.
A retest of the broken triangle top, which lines up with the trend line, appears to have been completed so Tron might be looking at upside targets from here. The next one is around the 0.0240-0.0260 zone around the earlier swing highs. Stronger bullish momentum could take it to the 0.0280 area next or for a rally that’s the same height as the chart pattern.
Stochastic has room to climb before reaching overbought levels, which means that bulls still have the upper hand. However, the oscillator also seems to be topping out and ready to turn lower, hinting that sellers are eager to return. Similarly, RSI appears to be turning lower without even hitting overbought levels.
The 100 SMA recently crossed above the longer-term 200 SMA to indicate that the path of least resistance is to the upside or that the uptrend is more likely to carry on than to reverse. These moving averages are also in line with the short-term trend line to add to its strength as a floor.
Most cryptocurrencies appear to be trading sideways in the past 24 hours, with only Tron making a bullish move. Analysts point to the launch of the new development portal as the likely factor supporting these gains. As the Tron Foundation announced in a tweet:
We have a brand new documentation website for
#developers! Go to https://developers.tron.network/ to check out all the new tools and learn how to use them. The site is optimized to be user friendly with a search function.
In addition, Bitfinex added three TRX pairs, likely supporting volume and activity for Tron as well.
Images courtesy of TradingView