Tron (TRX) Price Analysis: Ready to Resume the Climb?
Tron seems to have found support and is ready to head back to the swing high or higher.
Tron seems to have completed its correction from the latest rally as it found support around 0.0600. Price could resume its climb to the swing high or the Fibonacci extension levels from here.
The 38.2% extension is located at 0.0885 and the 50% extension level lines up with the swing high just below the 0.1000 mark. Stronger bullish momentum could take it up to the 61.8% extension at 0.1056 or the 78.6% extension at 0.1178. The full extension is located at 0.1333.
The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside or that the uptrend is more likely to resume than to reverse. However, the gap between the moving averages has narrowed to signal a potential bearish crossover. For now, the 200 SMA is holding as dynamic support.
RSI is heading up but appears to be turning back down to signal a return in selling pressure. Stochastic is also pointing down to indicate that sellers have the upper hand. A move below the 200 SMA could lead to a deeper correction, possibly until the area of interest at 0.0500.
Traders appear to be reestablishing their positions on Tron leading up to the mainnet launch by the end of this month. A bit of risk aversion has weighed on the cryptocurrency industry for the previous week, along with speculations of tighter regulation.
To top it off, the US dollar was one of the dominant currencies in the previous week, but all this could change depending on the outcome of the US retail sales report tomorrow.
Tron has a newsletter updating its clients and the latest one shared more details on the upgrade process, as well as previously unavailable information about a virtual machine that will come online six days before the net release.
Justin Sun announced that TronVM v.0.1 is going to be released on May 25th.