Tron (TRX) Price Analysis: Heads Up for this Upside Breakout!

Tron was previously consolidating inside a symmetrical triangle as it formed higher lows and lower highs. Price just recently broke through the resistance to confirm that buyers are back in the game.

On the longer-term time frame, it can be seen that this Tron consolidation took place just above a retracement level. This upside break suggests that the Fib has held as support and that the uptrend is ready to resume.

The 100 SMA has crossed above the longer-term 200 SMA on this time frame to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to continue than to reverse.

However, RSI is turning down from overbought levels to signal a return in selling pressure. Stochastic is also heading back down to indicate that bears could still return or at least trigger a pullback to the broken triangle top and area of interest at the moving averages.

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