- 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.