Tron Price Action: TRX Enters a Key Trading Zone
After numerous tests during the week, the price of Tron has managed to break through the $0.028 resistance level.
The price of Tron (TRX) had been outperforming other top cryptocurrencies recently after surpassing its 200 simple moving average (SMA) earlier this month.
The 200 SMA is commonly used by analysts to identify the direction, and many traders are likely to have more bullish prospects for the price of Tron given that it is trading above its 200 SMA.
The price had been forming a series of higher highs and higher lows but met resistance at $0.028.
$0.028 to $0.031 was an area of consolidation during bearish market declines in August.
When Tron broke above $0.028 earlier this month, it quickly rose to $0.036 before falling back below $0.028.
On this occasion, Tron is also finding liquidity between $0.028 and $0.031 with price currently increasing rapidly.
Some resistance may come into play at $0.031.
Buyer momentum is certainly to the upside at the moment, and this is reflected by both the 4-hour RSI and the MACD increasing.
The RSI and MACD are commonly used as measures of momentum.
The MACD is also crossing its signal line to the upside which is considered a bullish signal.
- After several tests, Tron has managed to overcome resistance at $0.028.
- $0.028 to $0.031 has been an important area of liquidity for Tron in the past and price is rising fast after entering this area.
- Price may experience resistance at $0.031, but momentum is also on the side of buyers with both the 4-hour RSI and MACD increasing.
Tron Price Action: TRX Enters a Key Trading Zone was originally found on copy trading cryptocurrency | Blockchain News | Bitcoin News | blokt.com.