Tron price steady as early 10% pennant breakout could be underway

Tron (TRX) price jumped higher on Tuesday in the ASIA PAC session as the devil was in the detail. Traders who thought last week was the final big eventful moment of 2022 got it dead wrong, as the Japanese Yen is moving over 3% against other G7 currencies. In a range of side effects, cryptocurrencies are enjoying the move and are seeing bulls coming in for the rally.

Tron price sees bulls making a move for that breakout

Tron price is popping over 1% this Tuesday at the time of writing  after the Bank of Japan blindsided traders with a surprising tweak in their yield curve control, triggering higher yields. This, in turn, triggered a risk-off wave, with equities being smashed to the ground. Although normally cryptocurrencies should be in tango with equities, crypto is going the other way as the US Dollar is getting hammered, matching and even overpowering that sell-off pressure. 

TRX is thus currently being supported but not making any real big waves on the charts, as price action is still going sideways in the pennant that got lined up. The monthly pivot is still due for a test to the upside near $0.055. Once that happens, and bulls are strong enough to break above the 55-day Simple Moving Average (SMA), a breakout could be at hand with a jump to $0.060 and 10% gains in the cards.

TRX/USD daily chart

As the monthly pivot has not been tested yet, even in this Tron price bullish move, a firm rejection could be underway yet again as seen on Saturday and SUnday. Another rejection would push TRX price action back to the downside for a test on the green ascending trendline for support. Should that break, expect to see some bearish follow through towards $0.051.