TRON is probing towards the $0.020 resistance level as altcoins continue to enjoy a strong start to the first month of 2020.
TRON technical analysis shows that the cryptocurrency could rally towards the $0.023 level if bulls can hold price above the psychological $0.020 level.
TRON medium-term price trend
Green shoots continue to spread across the entire cryptocurrency space as the early 2020 rally gathers momentum.
TRON technical analysis shows that the cryptocurrency has turned technically bullish for the first time since July 2019.
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If bulls can move the price above the psychological $0.20 level the TRX/USD pair could start to test towards the October 2019 price, around the $0.23 level.
The daily time frame shows that a bearish head and shoulders pattern is still in play, with bulls needing to rally the cryptocurrency towards the $0.23 level to invalidate the bearish pattern.
It is noteworthy that a rally towards the October 2019 high would help to form a bullish reversal pattern, with a $0.013 upside projection.
TRON short-term price trend
TRON technical analysis over the short term shows that the cryptocurrency is bullish while price trades above the $0.015 level.
A bullish inverted head and shoulders pattern has recently been triggered on the lower time frames and is currently helping the surge higher in the TRX/USD pair.
According to the size of the bullish pattern, the cryptocurrency should rally through to the $0.020 level, at a minimum.
It is worth noting that an even larger bullish inverted head and shoulders pattern will form across the lower time frames if the surge towards the $0.020 level takes place.
If the larger bullish pattern forms, traders are likely to buy any meaningful pullbacks from the $0.020 level in anticipation of a larger rally towards the $0.030 level.
TRON technical summary
TRON technical analysis suggests that a rally towards the $0.023 level is likely to occur. Watch out for the formation of a larger bullish reversal pattern.
