TRON is trading at its highest level since July 2019 as the recent breakout rally in the altcoin space shows no signs of stopping.
TRON technical analysis shows that the cryptocurrency could rally towards the $0.033 level now that the October 2019 high has been breached.
TRON medium-term price trend
TRON is trading at its highest level since July 2019, as the rally currently underway in the altcoin space goes from strength-to-strength.
TRON price analysis shows that the cryptocurrency has invalidated a head-and-shoulders pattern on the daily time frame, which has dramatically improved the TRX/USD pairs medium-term prospects.
The size of the invalidated head-and-shoulders pattern indicates that the TRX/USD pair could rally towards the $0.033 level over the coming days and weeks.
Furthermore, a bullish golden-cross is close to taking place on the daily time frame, with the 50-day moving average crossing over the 200-day moving average.
Traders should expect further strong medium-term gains in the TRX/USD pair while the price trades above the $0.023 level.
TRON short-term price trend
TRON technical analysis over the short term shows that the cryptocurrency has a strong bullish bias while the price trades above the $0.021 level.
A bullish inverted head-and-shoulders pattern will form across the lower time frame if the TRX/USD pair rallies towards the $0.3000 level.
According to the size of the potential bullish pattern, the cryptocurrency should rally through to the $0.040 level, at a minimum.
It is worth noting a minor technical correction towards the $0.021 level could occur once the TRX/USD pair reaches the $0.030 level.
This would create a tremendous buying opportunity for both short- and medium-term TRON bulls.
TRON technical summary
TRON technical analysis suggests that a rally towards the $0.030 to $0.033 level is likely to occur over the coming session. A correction towards the $0.021 would create a great dip-buying opportunity for medium-term bulls.