- Tron price gains for the sixth straight day, hitting a fortnightly high after bouncing off 100-day SMA.
- Sustained rebound from key SMA and bullish Stochastic keep buyers hopeful, but a multi-month triangle caps the upside.
- A clear break of $0.3630 will direct TRX bulls to $0.4100, while 100-day, 200-day SMAs and triangle support limit downside.
- Stochastic conditions may test short-term buyers near the triangle’s top, but the broader bullish bias remains intact.
Tron (TRX) price is on a six-day winning streak at $0.3490, hitting a two-week high on Friday.
In doing so, the popular altcoin extends its Sunday U-turn from the 100-day Simple Moving Average (SMA) while approaching a 10-month symmetrical triangle’s top.
Still, overheated conditions of the Stochastic momentum indicator and sluggish trading volume, despite upbeat market capitalization, keep the buyers cautious.
According to Santiment, Tron’s daily trading volume remains sidelined around $913.67 million, whereas the market cap rises to the highest level since August 26, close to $32.98 billion by press time.
However, a successful trading beyond the key SMAs and bullish fundamentals keep buyers hopeful of overcoming a multi-month triangle formation, even with a slow climb rather than a sharp rally.
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Tron Price: Daily Chart Favors Bulls
Tron’s clear rebound from the 100-day SMA and a following six-day winning streak speak loudly of the underlying bullish momentum.
Stochastic highlights the bullish euphoria while hitting the overbought signals of late, challenging the intraday buyers at a multi-day high.
With this, the TRX’s rise towards the upper boundary of the triangle, close to $0.3630, may witness a brief consolidation before crossing the key resistance.
Beyond that, the 23.6% Fibonacci Retracement of Tron’s November-December 2024 upside, near $0.3820, and a three-month ascending resistance line, close to $0.4100, will gain the market’s attention. Notably, the $0.4000 psychological magnet could act as an intermediate halt during the potential rise.
Alternatively, the 38.2% Fibonacci ratio near $0.3390 could restrict the TRX’s short-term downside ahead of the 100-day SMA support of $0.3140.
Even if the TRX drops below the $0.3140, the 200-day SMA and 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, close to $0.2800 and $0.2700 in that order, could test the bears before that aforementioned triangle’s bottom of $0.2500.
Meanwhile, the quote’s weakness past $0.2500 will make it vulnerable to hit the yearly low in a gradual manner, currently around $0.2010.
Tron Price: Four-hour Chart Highlights Overheated Buying
The Stochastic indicator has been in the overbought territory throughout the week on the four-hour chart, citing the bull’s resistance to rest. The prices also crossed the 200-bar SMA of late, adding more proof of the upside momentum.
However, the price action appears to be consolidating so far on Friday, highlighting the 200-bar SMA support of $0.3460 as the key for intraday sellers.
Below that, 61.8% and 50% Fibonacci retracements of August-September downside, respectively near $0.3430 and $0.3350, could allow TRX sellers to rest before approaching the month’s low marked on Sunday around $0.2985 and deeper levels shown on the daily chart.
On the contrary, a 78.6% Fibonacci ratio around $0.3560 guards immediate TRX upside before the multi-month resistance surrounding $0.3630 and the daily chart’s higher levels.
Conclusion
Even if the overheated Stochastic challenges the intraday buyers, Tron’s steady trading above key SMAs and solid fundamentals support its push against the multi-month triangle, maintaining a strong bullish outlook.
Also read: Massive Vietnam Data Breach: National Credit Center Hacked – Protect Your Crypto!
