Tron Price Key Highlights
- Tron price could have another shot at a rally as it broke above the neckline of a short-term double bottom.
- Price is hitting resistance around 0.0400 and may be due for a pullback before resuming the climb.
- Applying the Fibonacci retracement tool shows the nearby support levels where more buyers might be waiting.
Tron price confirmed a short-term double bottom but might need to make a pullback to gather more bullish momentum.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is still to the downside. This suggests that the path of least resistance is to the downside or that there’s a chance for the selloff to resume.
RSI is pointing down so Tron price might follow suit while sellers take control and buyers take a break. Stochastic is also on the move down after briefly hitting overbought levels.
However, if any of the Fib retracement tools keep losses in check, the uptrend could gain some traction. The 200 SMA is near the 50% Fib at 0.0365 while the 61.8% Fib lines up with the 100 SMA dynamic inflection point at 0.0356.
In that case, Tron could still revisit the swing high at 0.0400 and a break higher could confirm that the uptrend is set to carry on.
Cryptocurrencies have been on a good run lately, but it looks like bitcoin is getting the lion’s share of the gains. Other altcoins like Tron are lagging behind on the lack of specific updates that could buoy them higher.
Still, investors are looking to the SEC decision on the bitcoin ETF to spark another rally in the crypto industry as this could pave the way for other types of token-based funds to be introduced. Risk-taking in the financial markets has also proved positive for Tron and its peers, with retail traders not wanting to get left behind on the rallies.
Tron image via Shutterstock.