- Tron’s technical picture is likely to favor a sideways trading action in the short term.
- TRX/USD holds within a long term ascending channel despite hitting a wall at the 61.8% Fibo.
Tron has in the last couple of weeks launched an attack on the dominant resistance zone at $0.02. Unfortunately, the bullish momentum has not been strong enough to clear the resistance at the 61.8% Fibonacci level taken from the last drop from $0.02685 to $0.0073. Sellers have also been keen on enacting a revenge mission but support at $0.0180 has kept the price in a tight range.
For now, the price is doddering at $0.0186 amid a bearish biased trend. However, from a wider technical perspective, TRX/USD is in line to settle for consolidation. Supporting the sideways movement is the RSI at 63.33. Similarly, the MACD is holding the ground above the midline. Its sideways motion coupled with no divergences (either bullish or bearish) means that selling and buying forces would most likely cancel out.
Tron is also trading within the confines of a long term ascending channel. As long as the channel support stays intact, TRX/USD will eventually bounce above $0.02. Other key support areas include the 50% Fibo, the 50-day SMA and $0.0140. A break above the channel resistance would then propel it to levels at $0.0250 and $0.03 respectively.
TRX/USD daily chart
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