Tron recently broke out of its long-term descending trend line to signal that a reversal is underway. Price pulled back upon hitting the 0.0360 area but seems to be done with its correction now.

Tron is bouncing off the 61.8% Fibonacci retracement level that lines up with the 0.0215 level and is close to the 200 SMA dynamic inflection point. If this is enough to keep losses at bay, the price could resume the climb to the swing high and beyond.

A deeper correction could still draw support at the 100 SMA dynamic inflection point close to the broken trend line. The shorter-term moving average is below the longer-term 200 SMA, though, indicating that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse.

Then again, the gap between the indicators is narrowing to signal weakening selling pressure. Bullish momentum could spur an upward crossover and even encourage more buyers to join in.

RSI is still on its way down, though, indicating that bearish pressure is very much present and that further declines are possible. This oscillator has some room to cover before reaching the oversold region, after all.

Stochastic is also on the move down so Tron could follow suit, but this particular oscillator is closing in on the oversold region to signal exhaustion. Turning back up could lead buying pressure to return.

Tron is one of the few cryptocurrencies in the green for the past 24 hours as optimism for the BitTorrent coin is keeping it afloat. Recall that this was acquired last year for the purpose of bringing the Tron network and its applications to the mainstream market.

BTT is planned to incentivize seeders or be used as payment to get faster download speeds and, with the millions of active BitTorrent users, it could be poised for a big bump in mass adoption soon.

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