Tron Price Analysis: TRX/USD open for consolidation after hitting a wall at $0.02

Tron has tried to join the altcoin frenzy in July where some tokens such as Tezos, Stellar and Chainlink have rallied exceptionally. In the first and second weeks of the month, TRX/USD surged from the key 38.2% Fibonacci retracement level support in June to highs of 0.0192. Although the bulls eyed a return to levels above $0.02, a reversal ensued towards the end of last week where Tron lost some inches off the ground under $0.02.

The weekend session saw TRX/USD hold above the 50% Fibonacci retracement level support. A minor bounce from the support has not been able to break above the short term resistance at $0.18. Instead, Tron is dancing at $0.0174.

Technically, this cryptoasset is in for a consolidative movement as per the RSI and the MACD. The former is holding above the midline while the latter is in the positive region. As long as the technical picture remains unchanged, TRX is likely to hold above the 50% Fibo support, giving the bulls a chance to push for gains towards $0.02.

If push comes to shove and losses progress below the ascending trendline, expect support to come in handy at both the 50-day SMA and the 200-day SMA. Other areas that are still of interest include the 38.2% Fibo (June support), $0.0140 and $0.0120.

TRX/USD daily chart