Tron Price Chart: TRX/USD on the verge of a breakout, spikes 5% on the day
|- Tron (TRX) recovers steadily from the March lows; likely to test $0.0200 in the short term.
- TRX/USD set to gain more ground if the triangle resistance is broken.
Tron is among the best performing cryptocurrency in the market with gains of more than 5% in the last 24 hours. Since March 2020 when TRX dropped to levels around $0.007, recovery has been steady but gradual. However, Tron has faced a fair share of hurdles initially at $0.0125, $0.0150, and $0.0175.
At the time of writing, TRX/USD is teetering at $0.01847 and battling resistance at the rising triangle pattern resistance. With indicators such as the RSI and the MACD trending upwards, gains are likely to increase in the short term.
The 50 SMA is almost crossing above the 200-day SMA as bulls display greater strength than the bears. If the positive technical picture remains intact, Tron could eventually step above $0.02. In February TRX traded highs of $0.0268 as the market generally moved upwards. The volatility could increase to this level as soon as other cryptocurrencies such as Bitcoin, Ethereum, and Ripple start to trend upwards.
TRX/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.