TRON Price Analysis: TRX has broken out of it’s consolidation zone

• TRON trades over 14% higher as all major cryptocurrencies bounce.
• The price has now broken out of the consoldation high 0.01109.

TRX/USD 1-hour chart

All of the major cryptos have bounced today as bullish sentiment returned to the crypto sphere. TRON struggled after breaking though the major support levels during the fall. On March 12th along the pair fell 42% as fear gripped the market. Since then we have seen a period of consolidation and now a break higher.

Looking at the chart below, you can see the 0.01109 level has been broken to the upside. The red resistance level at 0.01412 could now be tested because its the next resistance on the way up. If that is the case it will mean the price has bounced just over 97% from the recent low.

Looking ahead now, if the price does move higher it would be good to see some consecutive higher lows on the higher timeframes. The pair is not out of the woods just yet and the recent downtrend on the daily and weekly timeframes has been strong.

Lastly, the volume is looking very thin at the moment so any confirmation of a move higher should be accompanied by a pick up in volume for good confirmation.