According to the opinion of dagx.live financial analyst Peter Smith, Tron (TRX) has again entered the top 10 cryptocurrencies by market capitalization. It has rallied sharply in the past two days and is close to the June 2 high of $0.04156575. If the price breaks out of the overhead resistance, a rally to $0.05218328 is possible.
Both the moving averages are gradually moving up and the RSI is in positive territory, which suggests that bulls have the upper hand. The TRX/USD pair has started a new uptrend after a long consolidation, hence, we anticipate the up-move to continue for some time. Smith’s bullish view will be invalidated if the price reverses direction from the current levels and breaks down of the critical support of $0.02815521.
Cardano (ADA) again broke out of the overhead resistance at $0.10 on June 23 but failed to sustain the higher levels. However, the positive thing is that it has held above the moving averages for the past few days. This shows buying on dips, thinks Smith from dagx.live.
If the bulls break out and sustain the ADA/USD pair above $0.10, it will complete a reversal pattern that has a target objective of $0.22466773. The traders can wait for a close above $0.10 and buy as suggested in our earlier analysis, advises Smith.
The spealists bullish view will be negated if the price fails to break out and sustain above $0.10. In such a case, it might remain range-bound between $0.076254 and $0.10 for a few days.