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Crypto Technicals: TRON breaks consolidation, extends gains above daily cloud

Wed, 15 May 2019, 11:17 am UTC

TRX/USD chart - Trading View

Exchange - Binance

Support: 0.0256 (50-DMA); Resistance: 0.0315 (trendline)

Technical Analysis: Bias Bullish

TRON has broken out of consolidation phase, could build upside momentum

TRX/USD trade had been capped between 200 and 50 day moving averages

Price action has now broken above 50-DMA and has edged above daily cloud

Volatility is rising as indicated by widening Bollinger Bands, Stochs and RSI are sharply higher

Scope for upside till 0.0315 (trendline resistance) and then 0.0327 (Apr 8th high)

Failure at daily cloud will see retrace till 50-DMA at 0.0256. Break below 200-DMA to see major downside

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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