Tron (TRX/USD) has been displaying impressive resilience over the past week, forming what appears to be an ascending triangle pattern on its hourly chart while other top altcoins are showing diminishing bullish momentum.
Currently trading at $0.2764, the cryptocurrency is approaching a critical horizontal resistance level around $0.2800 that has capped upward movement several times since May 12.
Triangle Holding Pattern
The technical structure on TRX’s hourly chart shows a clear ascending triangle formation, characterized by a flat upper resistance at $0.2800 and rising lower support. This pattern is typically considered bullish, suggesting accumulation before a potential breakout to the upside, which could result in a rally of the same height as the formation.
TRX has already tested the upper resistance boundary multiple times, and each test of resistance has been followed by increasingly higher lows, which reflects persistent buying pressure at ascending levels and reduced selling interest during pullbacks.
The ascending support trendline dating back to May 13 has been respected during each correction, with the latest bounce occurring around the $0.2700 level. This trendline coincides with the 100 SMA (blue line), creating a confluence of technical support that strengthens the bullish case.
Potential Tron Targets
If TRX manages to break above the horizontal resistance at $0.2800, the measured move target for the ascending triangle would suggest a potential advance toward the $0.2900-$0.2950 region. This projection is calculated by taking the height of the triangle at its widest point and adding it to the breakout level.
On the downside, immediate support exists at the ascending trendline (currently around $0.2720) and the 100 SMA. Below this, the 200 SMA (red line) near $0.2650 would likely provide additional support. A breakdown below these levels would invalidate the bullish pattern and potentially signal a deeper correction.
The 100 SMA is positioned above the 200 SMA, confirming that the path of least resistance is to the upside and that buyers maintain control of the short-term trend. Both moving averages are sloping upward, further reinforcing the bullish outlook as long as price remains above them.
The MACD indicator (middle panel) shows the blue line crossing above the orange signal line, generating a fresh bullish signal. The histogram bars are turning green and expanding, suggesting increasing upward momentum that could support a potential breakout from the ascending triangle pattern.
The stochastic oscillator in the lower panel is moving upward after bouncing from the 50 level, indicating renewed buying pressure. The oscillator has not yet reached the overbought region (above 80), suggesting that there’s still room for the rally to extend before a potential pullback might occur due to overextended conditions.
Volume analysis shows increasing green bars during the recent price advances, particularly during the latest push toward the resistance. This growing buy-side volume adds credibility to the potential for an impending breakout, although Tron could still take cues from overall market sentiment and prevailing crypto trends.
