Tron Price Analysis: How long can TRX/USD sustain this 6-months ascending channel?
|- Tron steps above $0.20 as buyers eye a breakout above the channel resistance.
- TRX/USD could settle for consolidation as per the signals from the MACD and the RSI.
Tron price action has continued to take down key barriers from the massive losses in March. Even though the recovery has been as rapid as witnessed in other altcoins, TRX/USD price action speaks slow and steady out loud. The gradual uptrend has been taking place within the confines of an ascending channel whose support has been instrumental.
The most significant breakout pushed TRX/USD above the 61.8%b Fibonacci level resistance taken between the last drop from $0.0269 to a swing low of $0.0075. This move gave the buyers a much-needed boost above $0.02. The trading this August has seen the price hit highs around $0.0214.
The ascending channel is still in place with Tron bulls working hard for a breakout above it. Price action above the channel resistance would help bring down the hurdle at $0.0225 and $0.025 respectively.
In the meantime, TRX is trading at $0.0204 as a bullish momentum keeps building. The RSI and the MACD seem to favor consolidation above the initial support at $0.02. Besides, the position of the RSI at 70 and that of the MACD within the positive region show that bulls are relatively in charge at the time of writing.
Highlighting the same is the gap the 50-SMA continues to make above the 200-day SMA. The moving averages will also function as support areas in the event gains declines into the picture and the channel support caves into the pressure.
BTC/USD price chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.