Tron (TRX) Rallies 15% And Showing Early Signs of A Strong Uptrend
Tron price rallied over 15% and it surpassed the key $0.0220 resistance zone against the US Dollar. TRX could correct lower in the short term, but the price action suggests more gains.
- Tron price is gaining bullish momentum above the $0.0220 resistance against the US dollar.
- The price traded to a new weekly high at $0.0243 and it is currently correcting lower.
- There is a crucial bullish trend line forming with support near $0.0210 on the 4-hours chart of the TRX/USD pair (data source from Bitfinex).
- The pair is likely to continue higher towards $0.0250 or even $0.0265 as long as it is above $0.0218.
Tron Price Starts Fresh Increase
After forming a strong support base above $0.0200, tron price started a fresh increase against the US Dollar. TRX broke a couple of important resistances near $0.0218 to move into a positive zone.
The upward move gained strength above the $0.0220 level and the 100 simple moving average (4-hours). It jumped over 15% and traded to a new weekly high at $0.0243. At the moment, the price is consolidating gains and trading near the $0.0232 level.
An initial support is near the $0.0230 level. It is close to the 23.6% Fib retracement level of the recent rally from the $0.0190 low to $0.0243 high. The first major support on the downside is near the $0.0220 and $0.0218 levels.
Tron (TRX) price breaks $0.024. Source: TradingView.com
The 50% Fib retracement level of the recent rally from the $0.0190 low to $0.0243 high is also near the $0.0216 level to act as a strong support. On the upside, the $0.0240 level is an immediate hurdle for the bulls. A successful close above the $0.0240 resistance level could open the doors for a larger rally towards the $0.0250 level or even $0.0265 in the coming sessions.
Dips Likely to be Limited in TRX
If TRX price corrects lower, it is likely to remain supported near the $0.0200 pivot level. The next major support is near the $0.0218 level (the recent breakout zone).
There is also a crucial bullish trend line forming with support near $0.0210 on the 4-hours chart of the TRX/USD pair. Any further losses may perhaps push the price back towards the $0.0200 support.
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 rising and it is well above the 70 level.
Major Support Levels – $0.0230, $0.0220 and $0.0218.
Major Resistance Levels – $0.0240, $0.0250 and $0.0265.