TRON (TRX) Consolidates Between $0.045 and $0.055, Poises for More Upside Momentum

TRON (TRX) Consolidates Between $0.045 and $0.055, Poises for More Upside Momentum

Key Resistance levels: $0.065, $0.070, $0.075
Key Support Levels: $0.045, $0.040, $0.035

TRX/USD Long-term Trend: Ranging
TRON price is correcting upward after the breakdown on February 23. The upward move is facing resistance at $0.055. If price breaks the current resistance, the altcoin will rise to retest the high of $0.065. On the other, if the crypto faces rejection, the coin is likely to resume a range-bound movement between $0.045 and $0.055.

TRX/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward indicating the uptrend. The crypto is at level 58 of the Relative Strength Index period 14. It indicates that the coin has room to rally on the upside. The uptrend will resume if the price breaks the resistance line of the horizontal channel.

TRX/USD Medium-term bias: Bullish
On the 4-hour chart, TRON is in an uptrend. On March 17 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that TRON is likely to rise to level 1.618 Fibonacci extensions or the high of $0.060.

TRX/USD – 4 Hour Chart

4-hour Chart Indicators Reading
TRON is below 80% range of the daily stochastic. It indicates the coin is in a bearish momentum. The stochastic bands are sloping horizontally indicating that the coin is in a sideways move. The 21-day and the 50-day SMA are sloping upward indicating the uptrend

General Outlook for TRON (TRX)
TRON has been in an upward move in late January. The bulls are attempting to break the resistance at $0.055 which will propel the coin to resume an uptrend. According to the Fibonacci tool, TRON is likely to rise to level 1.618 Fibonacci extension or the high of $0.060.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.