Tron Price Analysis: TRX bears step up after three straight bullish days
- TRX/USD is consolidating in a pennant formation.
- Immediate resistance for the price lies at $0.0355.
TRX/USD daily chart
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TRX/USD has gone down slightly from $0.0353 to $0.0342 in Wednesday's early hours as it consolidates in a pennant formation. Before this, TRX/USD had three consecutive bullish days, wherein the price went up from $0.0298 to $0.0354. The MACD shows sustained bullish momentum, while the RSI is trending next to the overbought zone. As such, the buyers should have just about enough firepower to launch another attack on the $0.0355 resistance line. If they manage to do that, TRX/USD should go up to $0.04 before it meets the next resistance level of note.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
