TRON price analysis: $0.020 upside target
14:14, 15 January 2020
TRON is pushing higher on Wednesday, as the broader market rally lends a hand to the popular Chinese cryptocurrency.
TRON technical analysis shows that the cryptocurrency could rally towards the $0.020 level before staging a pull back.
TRON medium-term price trend
TRON technical analysis shows that the cryptocurrency is technically bearish while trading the $0.018 level.
However, bullish price patterns on the lower and higher time frame are predicting that the TRON/USD pair could easily rally towards the $0.020 level.
If bulls can move the price above the 200-day moving average it would be a major achievement for the cryptocurrency, as the TRX/USD pair has been in a downtrend since July.
The late-October rally in TRX/USD was inspired by bullish Chinese news, although the cryptocurrency quickly faded lower from the $0.022 level.
Read more: Tron price prediction 2019 and beyond: is it time to invest in this cryptocurrency?
Continued price stabilisation above the $0.018 level would put TRON in a much stronger position technically. A larger rally towards the $0.030 level could then be on the cards.
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TRON short-term price trend
TRON technical analysis over the short term shows that the cryptocurrency is bullish while price trades above the $0.013 level.
The cryptocurrency has recently started to gain traction above its 200-period moving average on the four-hour time frame for the first time since November 2019.
The recent invalidation of a bearish head and shoulders pattern on the mentioned time frame is also bullish for TRON in the short-term.
The invalidation target of the bearish price pattern is located around the $0.020 level.
It is worth noting that a bullish inverted head and shoulders pattern has also now formed on the lower time frames.
Short-term upside targets for TRON are found at the $0.020 and $0.022 level.
TRON technical summary
TRON technical analysis suggests that buying the cryptocurrency may now be an option.
A rally towards the $0.018 level would confirm bulls’ intention to test towards the $0.020 level.
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