Tron Price Key Highlights
- Tron broke out of a consolidation pattern previously highlighted to reflect a return in bullish momentum.
- Price could move up to the Fibonacci extension levels next, especially with catalysts underway.
- Technical indicators, however, have yet to catch up to reflecting bullish pressure.
Tron broke higher from its short-term consolidation to confirm that bulls are back in play, taking it up to the next upside targets.
Technical Indicators Signals
The 100 SMA has just crossed below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This suggests that there’s still a chance for the selloff to resume from here. However, the gap is still pretty narrow so a new upward crossover might still be in the works.
RSI is heading up to show that buyers have the upper hand but is also in the overbought zone to signal exhaustion. Turning back down could draw sellers in and lead to another dip in Tron. Stochastic also has some room to climb so Tron might follow suit, but the oscillator is also dipping into overbought territory.
TRXUSD Chart from TradingView
Sustained bullish momentum could take Tron up to the 38.2% Fib at 0.08848 or the 50% Fib near the swing high around the 0.10000 level. Stronger bullish momentum might lift it to the 61.8% extension at 0.10600 or new highs closer to the 78.6% extension of 0.12000. The full extension is located at 0.13433.
Tron is scheduled to launch the mainnet by the end of this month so it’s understandable that investors might be positioning ahead of the event. Apart from that, they also announced the launch of a virtual machine by May 25. The creators wrote:
“[We] will be able to break away from Ethereum and its low-efficiency, congestion-prone network, high fees, and steep learning curve. We will open the doors to a new cryptocurrency stage focused on scaling and commercialization, providing next generation infrastructure and express lanes needed for global dApp development.”