- TRX / USD extends Friday’s lead in calm trading.
- A falling corner breakout spotted on the hourly chart.
- The 200-HMA offers immediate resistance after the strong recoil.
Tron (TRX / USD) breaks its three-day range on Saturday, building on Friday’s rebound amid a lower wedge breakout plotted on hourly sticks earlier in the day.
The bullish momentum of the No. 15 coins gathered momentum after resistance to the downside of the trendline at 0.0241, validating the bullish formation.
Adding credibility to the upside breakout, the 21 hour Simple Moving Average (HMA) broke above the 50 and 100-HMA in overnight trades.
Price is now seen challenging the 200-HMA downward slope at 0.0244 to accelerate the advance towards the psychological barrier at 0.0250.
Tuesday’s high at 0.0253 will be next on the buyer’s radar. The hourly Relative Strength Index (RSI) remains bullish, pointing to overbought territory at 61.85 levels.
If the scale fails above the 200 HMA obstacle, the part could reverse to the 0.0240 demand area. The downside resistance of the trendline (pattern) has now turned to support and the bullish 21-HMA meets at the level.
The next cushion is aligned at 0.0236, the convergence of 50 and 100-HMA.