TRON (TRX) technical analysis:
Trade setup: A rare asset that’s remained in an uptrend despite the overall market correction, signaling robust demand from buyers. Price broke bullishly out of an Ascending Triangle pattern, which is a sign of an Uptrend. Price got overbought RSI ~ 80 and pulled back near $0.073-$0.075 support, briefly consolidated in a Bullish Flag pattern, and broke out again in the direction of existing uptrend. Next resistance level is $0.09.
Pattern: Bullish Flag pattern. Short term small rectangle trading range between diagonal parallel lines. It moves counter to the prevailing price trend observed in a longer time frame on a price chart. It forms typically following a sharp advance and often indicates a small change in direction (or areas of consolidation) before the previous trend resumes. Flag pattern is among the most reliable continuation patterns that traders use because it generates a setup for entering an existing trend that is ready to continue. Trade is initiated on a breakout, if it is in the same direction as the prevailing trend. Also, with bullish flag patterns, traders prefer a breakout with an increase in volume but it isn’t a must.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.073, (previous resistance) then $0.065. The nearest Resistance Zone is $0.080, which it broke, then $0.090.
Trade setup: A rare asset that’s remained in an uptrend despite the overall market correction, signaling robust demand from buyers. Price broke bullishly out of an Ascending Triangle pattern, which is a sign of an Uptrend. Price got overbought RSI ~ 80 and pulled back near $0.073-$0.075 support, briefly consolidated in a Bullish Flag pattern, and broke out again in the direction of existing uptrend. Next resistance level is $0.09.
Pattern: Bullish Flag pattern. Short term small rectangle trading range between diagonal parallel lines. It moves counter to the prevailing price trend observed in a longer time frame on a price chart. It forms typically following a sharp advance and often indicates a small change in direction (or areas of consolidation) before the previous trend resumes. Flag pattern is among the most reliable continuation patterns that traders use because it generates a setup for entering an existing trend that is ready to continue. Trade is initiated on a breakout, if it is in the same direction as the prevailing trend. Also, with bullish flag patterns, traders prefer a breakout with an increase in volume but it isn’t a must.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.073, (previous resistance) then $0.065. The nearest Resistance Zone is $0.080, which it broke, then $0.090.