Tron (TRX) Price Watch: Short-Term Reversal Formation Sighted!
Tron Price Key Highlights
- Tron is forming a double bottom on its 1-hour chart to signal that the climb could resume.
- Recall that TRX is in a correction from a strong rally, and it looks like bullish pressure could return here.
- Price has yet to break past the neckline to confirm the potential uptrend.
Tron has formed a double bottom reversal pattern and is ready to test the neckline to confirm an uptrend.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This suggests that the selloff is more likely to resume than to reverse.
However, Tron has broken past the 100 SMA dynamic inflection point and is currently testing the 200 SMA. A break higher could lead to a test of the neckline at 0.075 and a move past this ceiling could spur a rally of the same height as the chart formation. This spans 0.060 to 0.075.
RSI is also on the move up to signal that buyers are in control of Tron price action but this oscillator is approaching overbought levels to signal exhaustion. Stochastic is already in the overbought zone to show that bulls are ready to let bears take the upper hand soon. In that case, another dip to the bottoms could take place.
The slump in cryptocurrencies has weighed on Tron over the past few days but it looks like bulls are ready to return at this point. For now, investors are holding out for the mainnet launch at the end of the month as this could mean more capabilities for the network.
For now, consolidation has been in play while some exchanges freezed Tron holdings in order to support the upgrade. This includes Bit-Z, Bitrex, and Bitfinex. More recently, Bitpie Wallet announced their to support TRON’s mainnet launch and blockchain upgrade.
Photo via Pixabay.