TRON price analysis: awaiting major range breakout
TRON price analysis indicates that the cryptocurrency is about to stage a large directional move. Failure to move price above the $0.016 level could trigger a heavy technical rejection.
TRON has been consolidating between the $0.016 to $0.015 level as the broader crypto market pauses ahead of the upcoming Bitcoin halving.
TRON technical analysis shows that the TRX/USD pairing could stage a major breakout once the established short-term trading range is broken.
TRON medium-term price trend
TRON is consolidated around the best level of the month so far, with the cryptocurrency remaining well supported on any dips.
TRON price analysis shows that the cryptocurrency could rally towards the $0.020 level if buyers breakout through the $0.016 technical area.
The daily time frame shows that price is currently probing against the neckline of a large head-and-shoulders pattern that has been in play for most of 2020.
Should bulls break above this important technical resistance area, a rally towards the $0.020 to $0.022 resistance area could occur.
Traders should note that technical sellers may be encouraged if buyers fail to move price above the neckline of the bearish pattern.
The bearish pattern remains valid and still has a strong downside projection located around the $0.006 level.
TRON short-term price trend
The lower time frames currently highlight that TRON has a short-term bullish bias while price trades above the $0.014 level.
TRON technical analysis shows that the cryptocurrency is currently trading within an ascending triangle pattern.
According to the size of the ascending pattern, the cryptocurrency could rally towards the $0.018 level if bulls move price above the top of the pattern.
To the downside, a break under the pattern could see the TRX/USD pair falling back towards the $0.014 support area.
TRON technical summary
TRON technical analysis shows that a strong directional move is likely to take place once the cryptocurrency breaks from the $0.015 to $0.016 price range.