TRX coin prices hold a considerable amount of bullishness as it grows under the entrapment of the ascending triangle pattern.
TRON is meant to accelerate the decentralization of the internet through blockchain technology and decentralized applications.
And in recent news, Tron partnered up with Sony Interactive Entertainment to provide its blockchain and expertise to enable in-game purchases, trading of in-game items, and facilitate fast, cross-border payments on top of the Tron infrastructure.
Let us now look at the technical analysis of Tron cryptocurrency.
Past Performance of TRX
Even as the mood among crypto investors strengthens with the US’ first Bitcoin futures-based ETF, TRON (TRX) has been witnessing muted price action lately. However, the recent formation of an ascending triangle in the 4-hour chart can soon give a decisive breakout.
The breakout of either the short-coming support trend line or the resistance zone near the $0.104 mark can set the upcoming trend.
TRX Technical Analysis
TRX cryptocurrency is currently at $0.1008 as of the writing date. Additionally, the cryptocurrency has decreased by 2.89% in the last 24 hours. However, the price jump lacks volume support, as the intraday trading volume decreases 10%. Hence, indicating the exit of sellers.
As per the pivot points (Traditional Auto), the following prominent resistance levels are at $0.115 and $0.142. And, on the opposite side, the support levels are at $0.096 and $0.082.
MACD and signal lines on the daily chart trend higher above the zero line. Moreover, the lines maintain a positive alignment. Hence, the indicator gives a slightly bullish signal for TRX crypto.
The RSI indicator shows growth in underlying bullishness as the slope rises higher towards the overbought region. Moreover, the double top pattern in the daily chart generates a bullish divergence with RSI. Hence, the indicator gives bullish indications.
As per the Tron technical analysis, the underlying bullishness of TRX crypto is growing gradually. However, the entry opportunity awaits the bullish breakout of the ascending triangle. Thus, TRX traders need to remain patient and overcome FOMO.
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