Tron has formed lower highs and higher lows on its 1-hour time frame to create a symmetrical triangle chart pattern. Price has moved past the resistance briefly but retreated for a retest, creating a new ascending channel to gain more bullish traction.
Price is currently testing the channel support and another bounce could take it past the triangle resistance around 0.042 and possibly onto the channel top at 0.047. The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside or that the uptrend is more likely to continue than to reverse.
The 100 SMA is also holding as dynamic support and is increasing its lead over the 200 SMA to reflect strengthening bullish pressure. A break below the short-term channel could still find support at the longer-term 200 SMA dynamic inflection point.
Stochastic is on the move up to reflect the presence of bullish momentum. However, this oscillator is nearing overbought levels to signal a potential bullish exhaustion and return in selling pressure.
RSI has more room to climb, possibly allowing bulls to stay in control until Tron reaches the next ceiling at the short-term channel top or higher.
Tron is already migrating from the Ethereum blockchain, sending a notice to its users and exchanges, recommending them to halt all transactions from June 22nd to June 23rd. Founder Justin Sun tweeted:
“We will begin from June 21, 2018 (GMT+8). Your TRX Is safe! All ERC20 TRX is safe. For token holders, with your ERC20 tokens saved to cryptocurrency exchanges (the only required operation on your part), further operations for token migration will be automatically completed for you in due time.”
Sun also thanked his supporters for the undivided attention and support to Tron. He added that ERC20 tokens will no longer be valid to trade, only TRX on the public blockchain will be supported, by June 24th.
Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.