Tron Technical Analysis: TRX/USD rallies past $0.03 following key partnership with Band Protocol
|- Tron is in a bullish phase following the bounce off the support at $0.026.
- Tron and Band Protocols collaboration aims at securing and verifying oracles to power DeFi and dApp ecosystems.
Tron has from August 26 sustained an impressive uptrend. The initial stages of the uptrend followed a technical breakout above a falling wedge pattern discussed last week. The crypto was then propelled to higher highs in a way dispersing the sellers congested in specific areas such as $0.024, $0.026 and $0.028.
TRX/USD is still in the bullish phase, with the price hovering above $0.03. The downside is protected by the 61.8% Fibonacci level taken between the last swing high of $0.0325 to a swing low of $0.022. Support is supposed to be established above $0.03 to allow buyers a chance to shift the focus to the Fibo swing high resistance as well as $0.035.
TRX/USD 2-hour chart
Technical signals from indicators such as the RSI and MACD are positive for Tron. This means that in the short term, TRX could pull higher above $0.03. For now, the RSI is holding above 70 while the MACD is moving higher within positive region. If the 50 SMA successfully completes the cross above the 200 SMA, this would signal more upward action in the near term. On the flip side, a reversal from the current levels would seek support at the various resistance turned support areas including $0.028 and $0.026 (Fibo 38.2%).
Tron and Band Protocol partnership
The news that Tron and Band Protocol partnership spread across the industry on Monday, partially contributing to the breakout described above. The two blockchain companies have already completed the integration to support secure and verified decentralized oracles to power Band Protocol’s ever-growing decentralized finance and decentralized application ecosystems.
The news is a tip of the iceberg, especially for Tron, because the founder, Justine Sun said on Monday that he is soon launching bigger plans for TRX and other Tron-based tokens like BTT and JST. Moreover, Sun is expected to hold an AMA with Band Protocol’s CEP Soravis Srinawakoon this Wednesday.
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