TRON Price Analysis: TRX/USD makes a move to the upside

TRON has just broken higher and will need to take out the 0.1990 resistance if the bulls want to remain in charge.
The TRX/USD price also bounced off the 200 period moving average in the bullish move.

Rajan Dhall, MSTA FX Daily

TRX/USD 1-Hour Chart

TRON has pushed higher today and trades just above flat at the time of writing.

At the start of the US session, the price was slightly depressed but now there has been a crucial technical break.

The price first bounced off the 200 hourly SMA and moved higher to break the trendline.

There are two key resistance zones now in play, one at 0.1990 the previous wave high and the other at the psychological 0.200 level.

The consolidation support is holding at 0.1800 so keep an eye on the price there if it falls.

Lastly, on the daily chart, the next resistance could be at 0.2229 where the price met resistance in late October 2019.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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