TRON has risen sharply higher alongside the broader cryptocurrency market, as bullish tones spread through the altcoin space.
TRON technical analysis shows that the TRX/USD pair could be preparing to test the $0.030 resistance level over the medium term.
TRON medium-term price trend
TRON is fast approaching the psychological $0.020 resistance level, due to strong buying demand for altcoins.
TRON price analysis shows that the cryptocurrency could rally towards key long-term trendline resistance, around the $0.030 level.
The daily time frame shows that the TRX/USD pair has now turned technically bullish, and is trading above its key 200-day moving average.
With a meaningful price trend, TRON may be headed towards some important resistance areas above the $0.020 level.
The 50 per cent Fibonacci retracement of the current 2020 high to the 2020 low is located around the $0.024. A break above this level exposes further upside towards the and $0.030 level.
Watch out for long-term trendline resistance from June 2018 to the 2019 yearly high, which is located around the $0.030 level.
TRON short-term price trend
The TRX/USD pair has a short-term bullish bias while the price trades above the $0.016 level.
TRON technical analysis shows that a bearish head-and-shoulders pattern has recently been invalidated.
According to the size of the invalidated head-and-shoulders pattern, the TRX/USD pair could be set to rally towards the $0.2300 level.
Watch out for further short-term gains in the TRX/USD pair while price trades above the head of the bearish pattern, which is located close to the $0.019 level.
TRON technical summary
TRON technical analysis shows that the cryptocurrency may start to rally above the $0.020 resistance area. Bulls may be targeting key trendline resistance, around the $0.030 resistance level, over the medium term.
Trade TRON to US Dollar – TRX/USD CFD
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