Tron Technical Analysis: TRX/USD challenges 200-HMA after falling wedge breakout
- TRX/USD extends Friday’s advance amid quiet trading.
- A falling wedge breakout spotted on the hourly chart.
- 200-HMA offers immediate resistance after the sharp pullback.
Tron (TRX/USD) is breaking higher from its three-day range trade on Saturday, building on Friday’s rebound amid a falling wedge breakout charted on the hourly sticks earlier on in the day.
The bullish momentum in the No. 15 coin gathered steam after the falling trendline resistance at 0.0241, validating the bullish formation.
Adding credence to the upside break, the 21-hourly Simple Moving Averages (HMA) pierced above the 50 and 100-HMAs in the overnight trades.
The price is now seen challenging the downward-sloping 200-HMA at 0.0244 to accelerate the advance towards the psychological barrier at 0.0250.
Tuesday’s high at 0.0253 will be next on the buyers’ radar. The hourly Relative Strength Index (RSI) stays bullish, pointing towards the overbought territory at 61.85 levels.
On a failure to scale above the 200-HMA hurdle, the coin could reverse towards the 0.0240 demand area. The falling trendline (pattern) resistance now turned support and bullish 21-HMA meet at the level.
The next cushion is aligned at 0.0236, the convergence of the 50 and 100-HMAs.
TRX/USD: Hourly chart
-637342792798044846.png)
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
