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Tron Price Breaks Out Of A Ranging Channel: Bulls set target at $0.020

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  • Tron remains bullish in spite of facing overbought conditions.
  • The ultimate short term price for the bulls is to pull above $0.022 resistance.

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Tron (TRX) is joined two other cryptocurrencies; Ethereum Classic (ETC) and Cardano (ADA) in posting double-digit gains in the last 24 hours. TRX is trading 12.71% higher while ETC and ADA are up 16.64% and 13.81%, respectively. The crypto market is mostly in the green accept for selected assets such as Bitcoin, which is nursing 0.57% in losses after retracing from a high at $9,431.

On the other hand, Tron has been trading in lock-step but has sustained a generally bullish trend since the recovery that commenced last December. The initial surge in January subsided in a ranging channel with resistance at $0.018 and support at $0.016.

In spite of the consolidation in the channel, Tron bulls kept their eyes on a higher price which eventually yielded, giving way to gains past the hurdle at $0.018. The rally in the past two days has seen TRX post a winning streak to the extend jumping above $0.0190.

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At the time of writing, TRX is trading at $0.0196. Further upward movement seems to have take a breather but the bulls have not lost sight of their target, $0.020.

Looking at the RSI, its upward trend shows that the bulls are largely in control. Moreover, at 87 it means that TRX is clearly unbothered by the overbought conditions of the RSI. If a reversal were to occur, the range resistance has turned into support at $0.0180. Other key support levels for traders to keep in  in mind are $0.0160 (range support), the 50 SMA and the 100 SMA, $0.014 and $0.0120.

TRX/USD 4-hour chart

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