Tron Technical Analysis: TRX/USD rallies 15% on approach to the critical $0.035

Tron (TRX) has been on an upward roll since March when the entire cryptocurrency market tanked massively mainly due to the Coronavirus pandemic. Initially, the recovery was slow but steady. However, over the last two weeks, TRX/USD was woken up from the sidelines and is here to lead the bullish camp to greater heights.

In the last 24 hours, TRX/USD has seen its value surge by at least 15%. A glance at the daily chart shows a consistent sharp ascent from the pivotal $0.020 in the first week of August to highs of $0.0323 (monthly high). The cryptoasset is doddering at $0.0318 after resting on short term support established at $0.03.

The technical picture highlights the tight grip the bulls have on the price. The RSI is in the overbought region but still pointing upwards. This shows that buying pressure is at the helm and more price actions to the north are expected in the near term.

The MACD supports the potential surge above the next target at $0.035 owing to the vivid bullish divergence and the progress made above the midline. At the moment, the MACD holds at 0.001628 and features a divergence of 0.001093.

It is apparent that a break above $0.035 would instigate more buying positions in anticipation of the run-up to $0.04 in the medium term. However, if push comes to shove and a reversal takes place from the current price level, TRX/USD would seek support at $0.03, $0.025, $0.02, the 50-day SMA and the main trendline (black).

TRX/USD daily chart