Tron (TRX) is now up 35% from four days ago, and in the process, has broken out from a 120-day pattern.
Since January 21, TRX has been rising in an ascending parallel channel. On March 31, it attempted to break out but was hit with rejection by the channel’s resistance line.
Despite being rejected, TRX began a new upward movement six days later and eventually broke out on May 4.
At £0.065, the price is trading at the 0.382 Fib retracement resistance. If it manages to break through, the next level of resistance will be at £0.072. This is a horizontal resistance area and the 0.5 Fib retracement resistance level.
The readings of the daily time frame’s technical indicators point to the upward movement continuing. The MACD and RSI are both on the increase, with the MACD being positive and the RSI being above 50. All of these are indicators of a bullish trend.
As a result, they support that the upward movement will likely continue towards the aforementioned resistance level of £0.073.
TRX has also already managed a breakout from a descending resistance line on the six-hour time frame.
The two time frames are consistent with the upward movement continuing.
Since the beginning of the week, the larger crypto market has had a mixed performance. In the last 24 hours, the market has gained less than 1% in value, with the overall market capitalisation still exceeding £1.3 trillion.
TRX, the TronDAO ecosystem’s native token, has remained the best performer among the top 20 cryptocurrencies by market capitalisation. TRX has increased in value by more than 11% in the last 24 hours, outperforming all other major cryptocurrencies.
The impending launch of TronDAO’s decentralised stablecoin USDD is the key driver of TRX’s current rise.
Tomorrow, on May 5, TronDAO CEO Justin Sun will present and launch the USDD stablecoin at a live event.