Tron Price Key Highlights
- Tron price recently broke to the upside of its falling wedge pattern to signal a pickup in bullish momentum.
- Price is starting to trade inside a smaller rising channel and is currently testing the top.
- There are more hints of bullish pressure but Tron price might need a pullback to gather more energy.
Tron made a bullish breakout from its falling wedge and is establishing a short-term uptrend channel.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA for now but the gap between the moving averages has narrowed significantly enough to hint at a looming bullish crossover. This could bring more buyers to the game and sustain the climb, especially since Tron price is already moving above these dynamic inflection points.
However, RSI is already in the overbought region and slowly moving south so Tron price could follow suit. Similarly stochastic looks ready to head back down to signal a return in selling pressure.
In that case, Tron price could still make a pullback to the new channel bottom around 0.035 and the moving averages before resuming its climb. A larger correction could lead to a retest of the broken wedge resistance before more buyers join in.
TRXUSD Chart from TradingView
Cryptocurrencies got a collective boost from reports that BlackRock is seeking to invest in the space. CEO Larry Fink confirmed in an interview with Reuters that they formed a team to look into investments in the industry but clarified that they’re not seeing strong investor demand just yet.
Still, institutional interest appears enough to have lifted bulls’ spirits after three well-known economists blasted cryptocurrencies last week. This could sustain the positive sentiment to start the quarter and hopefully lift Tron price and the rest of its peers for a rebound.