Analysis

Tron (TRX) Jumps 10% And Technicals Suggest More Upsides Above $0.03

Tron price rallied over 10% and it surpassed the $ 0.0250 and $ 0.0260 resistance levels against the US Dollar. TRX is currently correcting gains, but it is likely to continue higher towards $ 0.0300.

  • Tron price is gaining bullish momentum above the $ 0.0260 resistance against the US dollar.
  • The price traded to a new weekly high at $ 0.0289 and it is currently correcting lower.
  • There was a break above a key ascending channel with resistance near $ 0.0264 on the 4-hours chart of the TRX/USD pair (data source from Bitfinex).
  • The pair is likely to continue higher towards $ 0.0300 or even $ 0.0320 as long as it is above $ 0.0240.

Tron Price Gaining Bullish Momentum

In the past three sessions, tron price gained momentum against the US Dollar, and it outperformed bitcoin and ethereum. TRX traded above the $ 0.0250 resistance area to start a fresh increase.

The upward move was strong, as the price surpassed the $ 0.0260 level and settled nicely above the 100 simple moving average (4-hours). During the rise, there was a break above a key ascending channel with resistance near $ 0.0264 on the 4-hours chart of the TRX/USD pair.

The pair traded to a new weekly high at $ 0.0289 and it is currently correcting lower. It traded below the 23.6% Fib retracement level of the recent wave from the $ 0.0241 low to $ 0.0289 high.

Tron (TRX)

TRX price breaks $ 0.028. Source: TradingView.com

The first major support on the downside is near the $ 0.0265 level and the broken channel resistance. It is also close to the 50% Fib retracement level of the recent wave from the $ 0.0241 low to $ 0.0289 high.

On the upside, the bulls are facing hurdles near the $ 0.0285 and $ 0.0288 levels. The main resistance is now near the $ 0.0300 level, above which the price is likely to accelerate higher towards the $ 0.0320 level in the coming sessions.

Dips Likely to be Supported in TRX

If TRX price corrects lower, it is likely to remain supported near the $ 0.0265 breakout zone. The next major support is near the $ 0.0250 pivot level.

Any further losses may perhaps push the price further lower towards the $ 0.0240 level, below which the bulls are likely to lose control in the near term.

Technical Indicators

4-hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently correcting lower from the 80 level.

Major Support Levels – $ 0.0265, $ 0.0250 and $ 0.0240.

Major Resistance Levels – $ 0.0288, $ 0.0300 and $ 0.0320.

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Analysis – NewsBTC

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