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TRX is testing a key resistance zone on its bullish pennant pattern, eyeing a 15% rally post-breakout.
TRON (TRX) is catching the market’s attention following its listing as the 10th largest coin by market cap on CoinMarketCap’s cryptocurrencies list. In the past 24 hours, TRX has surged 1.25% with a 4.87% increase in its open interest. Per Coinalyze data, the Coin’s 24-hour long-short ratio stands at 2.27, suggesting heightened buying pressure.
Looking at the 4-hour chart, TRX’s price is consolidating in a bullish pennant pattern. This technical step up indicates a calm balance between sellers and buyers following a price uptrend. As of press time, TRON is trading at $0.2480 and attempting a breakout above the $0.2500 resistance zone.
According to renowned analyst World of Charts, a breakout above the resistance zone could see TRX rally 15% towards the $0.2800 and beyond in the short term. The MACD(12,26) is flashing a “sell” signalling some bearish pressure.
However, the short-term, mid-term, and long-term moving averages flash “strong buy”. With the Relative Strength Index (RSI) standing at 53 (neutral zone), TRX is not overbought and has more buying potential. TRON could be geared up for a rally soon, and traders are closely monitoring its price action at the resistance zone.
