Tron Price Analysis: TRX/USD Aiming for Range Resistance?
Tron recently broke past a descending trend line visible on short-term time frames to signal upside momentum. However, price is stalling at another area of interest that might keep gains in check.
In particular, the mid-range area of interest around 0.04 is allowing the rally to stall as it lines up with the 200 SMA dynamic inflection point as well. The 100 SMA is below this longer-term moving average to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse.
Stochastic is also on the move down so TRX/USD might follow suit. RSI seems to have room to climb but is also hovering close to overbought levels, which suggests that bulls are feeling exhausted. If so, another test of the range support around 0.025 could take place. A break past this area of interest, on the other hand, could lead to a move up to the top at 0.055.
Dollar weakness came into play after the FOMC statement even as the US central bank hiked rates as expected. Traders seemed disappointed over the lack of more rate hike signals in the dot plot, which still indicated three tightening moves instead of four for this year.
On the flip side, cryptocurrencies are starting to gain ground on the lack of negative updates from the G20 Summit emphasizing the need for regulatory crackdowns. Twitter CEO Jack Dorsey even endorsed bitcoin as the world’s single currency in the future, helping improve the mood in the industry.
As for Tron itself, this altcoin has been one of the better-performing ones over the past few days. Its testnet is due to launch on March 31, which means that it will remove dependency on Ethereum and therefore open it to other markets. From this, the mainnet launch will follow by the end of May.